https://www.taxtmi.com/caselaws?id=291585 A lump sum paid on retirement from an officers' retiring fund was treated as a capital receipt in commutation of pension where its true character was retirement provision for past service, so the payment was not taxable as salary. The analysis turned on the real nature of the fund accumulation and the fact that a lump-sum form did not alter its pensionary character. Relief under the discontinuance provision was unavailable because it applied only where the discontinued income fell within the class contemplated by the earlier charging regime; receipts assessed as salary did not meet that condition. en-us Wed, 24 Apr 1935 00:00:00 +0530 Wed, 18 Nov 2020 11:44:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291585 A lump sum paid on retirement from an officers' retiring fund was treated as a capital receipt in commutation of pension where its true character was retirement provision for past service, so the payment was not taxable as salary. The analysis turned on the real nature of the fund accumulation and the fact that a lump-sum form did not alter its pensionary character. Relief under the discontinuance provision was unavailable because it applied only where the discontinued income fell within the class contemplated by the earlier charging regime; receipts assessed as salary did not meet that condition. Case-Laws Income Tax Wed, 24 Apr 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291585