2004 (10) TMI 544

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... - This appeal by the assessee against the order dated 20-1-2004 of Commissioner of Income-tax (A), XXX, New Delhi relating to assessment year 2001-02. 2. The assessee is an individual who was employed in Bank of India and opted for voluntary retirement on 15-12-2000 under Voluntary Retirement Scheme of the Bank. The assessee received a sum of Rs. 7,76,850 as ex gratia payment under the Volunta....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... case of ITA v. Philip Shirodhar in ITA No. 75/Pnj./2003 for assessment year 2001-02. In that case the Bench considered the relevant circular and also relevant case law and held that amount received under Voluntary Retirement Scheme constitutes compensation for 'termination of service' for the purposes of section 17(3). That as a result of assessee having received the amount which is being taxed a....