https://www.taxtmi.com/caselaws?id=70222 The Income Tax Appellate Tribunal (ITAT) allowed the appeal, ruling that the Rs. 16,000 received by the assessee as retrenchment compensation should be excluded from the income assessment. The ITAT found that the amount was not the income of the assessee and could potentially be considered a gift due to the familial relationship between the assessee and the firm's managing partner. Therefore, the ITAT concluded that the amount was not assessable as income and did not need to be exempted under section 10(10B) of the Income Tax Act. en-us Mon, 13 Sep 1982 00:00:00 +0530 Thu, 14 Apr 2011 18:54:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70222 The Income Tax Appellate Tribunal (ITAT) allowed the appeal, ruling that the Rs. 16,000 received by the assessee as retrenchment compensation should be excluded from the income assessment. The ITAT found that the amount was not the income of the assessee and could potentially be considered a gift due to the familial relationship between the assessee and the firm's managing partner. Therefore, the ITAT concluded that the amount was not assessable as income and did not need to be exempted under section 10(10B) of the Income Tax Act. Case-Laws Income Tax Mon, 13 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70222