https://www.taxtmi.com/caselaws?id=58313 The Tribunal upheld the taxability of compensation received by the assessee from the employer under section 17(3)(i) of the Act as "Profits in lieu of salary." It also affirmed the correctness of the assessment under section 143(2)(b), stating that the Income Tax Officer rightly took action to verify the exemption claimed. The Tribunal found no fault in taxing the amount of Rs. 21,500, considering it as compensation for the loss of gratuity incurred on leaving previous employment. The appeal was dismissed, and the decision of the tax authorities was upheld. en-us Tue, 29 Jan 1991 00:00:00 +0530 Sat, 18 Dec 2010 13:58:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58313 The Tribunal upheld the taxability of compensation received by the assessee from the employer under section 17(3)(i) of the Act as "Profits in lieu of salary." It also affirmed the correctness of the assessment under section 143(2)(b), stating that the Income Tax Officer rightly took action to verify the exemption claimed. The Tribunal found no fault in taxing the amount of Rs. 21,500, considering it as compensation for the loss of gratuity incurred on leaving previous employment. The appeal was dismissed, and the decision of the tax authorities was upheld. Case-Laws Income Tax Tue, 29 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58313