https://www.taxtmi.com/caselaws?id=69040 The Tribunal ruled in favor of the assessee in an appeal against an order under section 263 of the Income-tax Act, 1961, regarding the taxability of a superannuation fund payment. The Tribunal held that payments from a wound-up superannuation fund are capital receipts and not taxable income, citing precedent cases and emphasizing the purpose of superannuation funds to provide tax-free terminal benefits. The Tribunal also found the Commissioner's order discriminatory and unreasonable, as it targeted the assessee for taxation based on a class of receipt previously deemed non-taxable. As a result, the Commissioner's order was canceled, and the appeal was allowed in favor of the assessee. en-us Thu, 30 Aug 1990 00:00:00 +0530 Mon, 04 Apr 2011 17:21:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69040 The Tribunal ruled in favor of the assessee in an appeal against an order under section 263 of the Income-tax Act, 1961, regarding the taxability of a superannuation fund payment. The Tribunal held that payments from a wound-up superannuation fund are capital receipts and not taxable income, citing precedent cases and emphasizing the purpose of superannuation funds to provide tax-free terminal benefits. The Tribunal also found the Commissioner's order discriminatory and unreasonable, as it targeted the assessee for taxation based on a class of receipt previously deemed non-taxable. As a result, the Commissioner's order was canceled, and the appeal was allowed in favor of the assessee. Case-Laws Income Tax Thu, 30 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69040