https://www.taxtmi.com/caselaws?id=182400 A lump sum paid to commute pension rights was not taxable as profit from office under Schedule E because it was neither pension nor annuity, and the commutation element escaped tax. A separate amount paid in consideration of continued service at reduced salary was taxable as income from employment, since it represented remuneration arising from the office. Where the payment was composite, it could be reasonably apportioned between the non-taxable pension commutation element and the taxable salary-reduction element even without express contractual allocation, so only the taxable component was assessable. en-us Fri, 10 Dec 1943 00:00:00 +0630 Mon, 09 May 2016 17:51:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182400 A lump sum paid to commute pension rights was not taxable as profit from office under Schedule E because it was neither pension nor annuity, and the commutation element escaped tax. A separate amount paid in consideration of continued service at reduced salary was taxable as income from employment, since it represented remuneration arising from the office. Where the payment was composite, it could be reasonably apportioned between the non-taxable pension commutation element and the taxable salary-reduction element even without express contractual allocation, so only the taxable component was assessable. Case-Laws Income Tax Fri, 10 Dec 1943 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=182400