https://www.taxtmi.com/caselaws?id=346173 The tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1,50,00,000 made by the AO under 'profit in lieu of salary' u/s 17(3)(ii) of the IT Act, 1961. It determined that the amount received was not taxable as salary but as a capital receipt from a discretionary trust. The trust was classified as discretionary, allowing for the non-taxable nature of the amount in the hands of the assessee. The tribunal's decision was based on relevant IT Act sections and the Supreme Court's precedent on discretionary trusts. en-us Thu, 27 Apr 2017 00:00:00 +0530 Sat, 05 Aug 2017 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346173 The tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1,50,00,000 made by the AO under 'profit in lieu of salary' u/s 17(3)(ii) of the IT Act, 1961. It determined that the amount received was not taxable as salary but as a capital receipt from a discretionary trust. The trust was classified as discretionary, allowing for the non-taxable nature of the amount in the hands of the assessee. The tribunal's decision was based on relevant IT Act sections and the Supreme Court's precedent on discretionary trusts. Case-Laws Income Tax Thu, 27 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346173