https://www.taxtmi.com/caselaws?id=461456 The ITAT Pune held that ex-gratia compensation received by an assessee constituted capital receipts rather than profits in lieu of salary under section 17(3) of the Income Tax Act, 1961. Following the precedent in Ashok Raghunathrao Kulkarni, the tribunal determined that voluntary ex-gratia payments without employer obligation under service rules do not qualify as compensation under section 17(3). The ITAT set aside the CIT(A)/NFAC order and directed the Assessing Officer to delete the addition, allowing the assessee's grounds. en-us Fri, 27 Sep 2024 00:00:00 +0530 Mon, 07 Apr 2025 19:01:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461456 The ITAT Pune held that ex-gratia compensation received by an assessee constituted capital receipts rather than profits in lieu of salary under section 17(3) of the Income Tax Act, 1961. Following the precedent in Ashok Raghunathrao Kulkarni, the tribunal determined that voluntary ex-gratia payments without employer obligation under service rules do not qualify as compensation under section 17(3). The ITAT set aside the CIT(A)/NFAC order and directed the Assessing Officer to delete the addition, allowing the assessee's grounds. Case-Laws Income Tax Fri, 27 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461456