Mandatory verification procedure governs rejection of country-of-origin certificates before denying preferential customs exemption and related penalti...
Delay was condoned, so the assessee's claim was entertained in appeal. The ITAT held that compensation received under the BSNL Voluntary Retirement Scheme, 2019 had the character of retrenchment compensation under section 10(10B) and therefore constituted a capital receipt exempt from tax. The exemption was allowed subject to verification of the necessary details from a revised computation, and the Assessing Officer was directed to grant consequential relief.
Delay was condoned, so the assessee's claim was entertained in appeal. The ITAT held that compensation received under the BSNL Voluntary Retirement Scheme, 2019 had the character of retrenchment compensation under section 10(10B) and therefore constituted a capital receipt exempt from tax. The exemption was allowed subject to verification of the necessary details from a revised computation, and the Assessing Officer was directed to grant consequential relief.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
