https://www.taxtmi.com/caselaws?id=11878 Amounts received under a voluntary retirement scheme were held to fall within s.10(10C) notwithstanding that the scheme paid the consideration in quarterly instalments over several years. The HC held that the second proviso to s.10(10C), limiting exemption to one assessment year, did not bar instalment payments because, after cessation of service, such receipts are not "salary" or deferred/arrear salary under ss.15 and 17 read with s.43(2), but deferred discharge of a one-time VRS benefit whose character does not change by being spread over time; exemption therefore remained available. The employer was directed to recompute amounts refundable/adjustable and furnish calculations to the revenue and employees, who were to seek adjustment from the employer and refunds from the tax department. en-us Thu, 20 Feb 2003 00:00:00 +0530 Fri, 26 Dec 2025 19:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11878 Amounts received under a voluntary retirement scheme were held to fall within s.10(10C) notwithstanding that the scheme paid the consideration in quarterly instalments over several years. The HC held that the second proviso to s.10(10C), limiting exemption to one assessment year, did not bar instalment payments because, after cessation of service, such receipts are not "salary" or deferred/arrear salary under ss.15 and 17 read with s.43(2), but deferred discharge of a one-time VRS benefit whose character does not change by being spread over time; exemption therefore remained available. The employer was directed to recompute amounts refundable/adjustable and furnish calculations to the revenue and employees, who were to seek adjustment from the employer and refunds from the tax department. Case-Laws Income Tax Thu, 20 Feb 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11878