https://www.taxtmi.com/caselaws?id=69580 The appeal was against the order upholding the sum of Rs. 1 lakh received by the assessee as assessable profits in lieu of salary u/s 17(3)(i) and (ii). The CIT (Appeals) concluded that the compensation was within the scope of 'profits in lieu of salary' u/s 17(3), as it was received in connection with termination of employment, thus upholding the assessment. The Tribunal held that the compensation for loss of future employment was a capital receipt not liable to tax, directing the exclusion of the capital nature compensation. The ground relating to the levy of interest u/s 216 was given up during the hearing. en-us Thu, 16 Mar 1995 00:00:00 +0530 Thu, 07 Apr 2011 17:34:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69580 The appeal was against the order upholding the sum of Rs. 1 lakh received by the assessee as assessable profits in lieu of salary u/s 17(3)(i) and (ii). The CIT (Appeals) concluded that the compensation was within the scope of 'profits in lieu of salary' u/s 17(3), as it was received in connection with termination of employment, thus upholding the assessment. The Tribunal held that the compensation for loss of future employment was a capital receipt not liable to tax, directing the exclusion of the capital nature compensation. The ground relating to the levy of interest u/s 216 was given up during the hearing. Case-Laws Income Tax Thu, 16 Mar 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69580