https://www.taxtmi.com/caselaws?id=13399 The HC upheld the Tribunal's decision, confirming that ex gratia payments received on voluntary retirement qualify as compensation for termination of employment. Assessees are entitled to an exemption of up to Rs. 5,00,000 under section 10(10C) of the Income-tax Act, 1961, and relief under section 89(1) for amounts exceeding Rs. 5,00,000. The court dismissed the Revenue's arguments, clarifying that section 89(1) relief applies to "profits in lieu of salary," including such compensation. The appeals were dismissed with no order as to costs. en-us Mon, 09 Apr 2007 00:00:00 +0530 Fri, 16 Feb 2024 10:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13399 The HC upheld the Tribunal's decision, confirming that ex gratia payments received on voluntary retirement qualify as compensation for termination of employment. Assessees are entitled to an exemption of up to Rs. 5,00,000 under section 10(10C) of the Income-tax Act, 1961, and relief under section 89(1) for amounts exceeding Rs. 5,00,000. The court dismissed the Revenue's arguments, clarifying that section 89(1) relief applies to "profits in lieu of salary," including such compensation. The appeals were dismissed with no order as to costs. Case-Laws Income Tax Mon, 09 Apr 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13399