https://www.taxtmi.com/caselaws?id=119883 The tribunal dismissed the appeal, affirming the taxability of the Rs. 22 lakhs received by the assessee as part of employment termination benefits. The tribunal interpreted the payment as 'profit in lieu of salary' under section 17(3)(i) of the Income-tax Act, emphasizing its association with the employment termination. Despite the assessee's argument that the amount should be exempt as ex gratia payment, citing case law, the tribunal upheld the taxability based on legislative intent and circumstances, ultimately ruling in favor of the tax authorities. en-us Fri, 06 Oct 2006 00:00:00 +0530 Fri, 13 Jul 2012 17:42:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119883 The tribunal dismissed the appeal, affirming the taxability of the Rs. 22 lakhs received by the assessee as part of employment termination benefits. The tribunal interpreted the payment as 'profit in lieu of salary' under section 17(3)(i) of the Income-tax Act, emphasizing its association with the employment termination. Despite the assessee's argument that the amount should be exempt as ex gratia payment, citing case law, the tribunal upheld the taxability based on legislative intent and circumstances, ultimately ruling in favor of the tax authorities. Case-Laws Income Tax Fri, 06 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119883