https://www.taxtmi.com/caselaws?id=10765 The court ruled in favor of the assessee, determining that they are entitled to both the exemption under Section 10(10C) of the Income-tax Act and relief under Section 89(1) of the Act. The compensation received under the Voluntary Retirement Scheme (VRS) was classified as "profits in lieu of salary" and eligible for relief under Section 89(1). The respondent bank complied with Section 192(2A) by granting relief based on valid submissions, thus not being considered an assessee in default under Sections 201(1) and 201(1A). Appeals by the Revenue were dismissed, and each party was directed to bear their own costs. en-us Wed, 21 Sep 2005 00:00:00 +0530 Fri, 24 Jul 2009 18:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10765 The court ruled in favor of the assessee, determining that they are entitled to both the exemption under Section 10(10C) of the Income-tax Act and relief under Section 89(1) of the Act. The compensation received under the Voluntary Retirement Scheme (VRS) was classified as "profits in lieu of salary" and eligible for relief under Section 89(1). The respondent bank complied with Section 192(2A) by granting relief based on valid submissions, thus not being considered an assessee in default under Sections 201(1) and 201(1A). Appeals by the Revenue were dismissed, and each party was directed to bear their own costs. Case-Laws Income Tax Wed, 21 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10765