https://www.taxtmi.com/caselaws?id=467654 Voluntary retirement compensation paid under a Government-approved scheme on closure of the HMT Tractor Division was treated as compensation linked to closure of an undertaking, not as ordinary retirement consideration. The Tribunal relied on its earlier coordinate bench rulings on identical facts and the Madras High Court's reasoning that the scheme's object was rehabilitation of employees displaced by closure. On that basis, the receipt fell within section 10(10B) of the Income-tax Act, 1961, and was exempt from tax. Full relief was therefore available to the assessee on the amount received. en-us Sun, 03 Dec 2023 00:00:00 +0530 Sat, 28 Mar 2026 10:57:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467654 Voluntary retirement compensation paid under a Government-approved scheme on closure of the HMT Tractor Division was treated as compensation linked to closure of an undertaking, not as ordinary retirement consideration. The Tribunal relied on its earlier coordinate bench rulings on identical facts and the Madras High Court's reasoning that the scheme's object was rehabilitation of employees displaced by closure. On that basis, the receipt fell within section 10(10B) of the Income-tax Act, 1961, and was exempt from tax. Full relief was therefore available to the assessee on the amount received. Case-Laws Income Tax Sun, 03 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467654