2024 (3) TMI 1428

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.... ORDER PER INTURI RAMA RAO, AM: This is an appeal filed by the assessee directed against the order of National Faceless Appeal Centre (NFAC), Delhi, dated 08.09.2023 passed u/s 250 of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') for the Assessment Year 2019-20. 2. Briefly, the facts of the case are as under: The appellant is an individual deriving income under the ....

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....claiming that the receipt of compensation from M/s. Pfizer Healthcare India Private Limited towards termination of services was capital receipt and cannot be taxed within purview of provisions of section 17(3). The NFAC vide order dated 08.09.2023 has confirmed the action of the AO in denying the relief u/s 89(1) of the Act as the assessee had failed to comply with several hearing notices as menti....

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....ved in advance or paid in arrears or compensation was received which comes within the purview of clause (3) of section 17 of the Act, but the proviso to section 89 of the Act clearly provides that no relief u/s 89 shall be granted in respect of amount received or receivable by the assessee on his voluntary retirement or termination of services in accordance with any scheme or scheme of voluntary r....

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.... in respect of any amount received or receivable by an assessee on his voluntary retirement or termination of his service, in accordance with any scheme or schemes of voluntary retirement or in the case of a public sector company referred to in sub-clause (i) of clause (10C) of section 10, a scheme of voluntary separation, if an exemption in respect of any amount received or receivable on such vol....