2006 (10) TMI 265

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ember. - The assessee is in appeal before us against the order of ld. CIT(A) XXIX, Mumbai dated 28-2-2003 passed for assessment year 1997-98. The first grievance of assessee relates to re-opening of the assessment under section 147 of the Income-tax Act. The ld. counsel for the assessee at the time of hearing did not press this ground of appeal, hence it is rejected. 2. The next grievance of asse....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....order upheld the order of the Assessing Officer. 5. We have heard ld. representatives of the parties and gone through the record carefully. This amount of Rs. 22 lakhs has been taxed under section 17(3)(i) of the Income-tax Act by the Assessing Officer, hence it is imperative upon us to first have a look on this provision, which read as under : "Section 17(3) 'profits in lieu of salary' includes....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....man insurance policy" shall have the meaning assigned to it in clause (10D) of section 10. (iii)any amount due to or received, whether in lump sum or otherwise, by any assessee from any person- (A)before his joining any employment with that person; or (B)after cessation of his employment with that person." While taking us through this provision the ld. counsel for the assessee emphasized that ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....[2005] 277 ITR 277 (Guj.) (5)Asstt. CIT v. Prakash G. Heblkar [2002] 83 ITD 495 (Mum.) On the other hand, ld. D.R. relied upon the orders of the revenue authorities below. 6. On due consideration of the contentions of ld. representatives as well as on perusal of the record we find that the employer of the assessee treated this payment as business expenses and claimed the deduction. The receipt ....