2019 (4) TMI 2180

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....of the case and in law, the Worthy CIT(A) through his order dated 28.03.2018 has erred in passing that order in contravention of the provisions of S. 250(6) of the Income Tax Act, 1961, 2. That on facts, circumstances of the case and in law, the Worthy CIT(A) has erred in confirming the action of Ld. AO in holding the receipt of Rs. 56,38,227/- from the previous employer as taxable even when the same was capital receipt and not taxable. 3. That on facts, circumstances of the case and in law, the Worthy CIT(A) has erred in confirming the action of Ld. AO whereby he denied the benefit of exemption of Rs. 56,38,227/- claimed by the appellant u/s 10(10A) as commutation of pension under the retiral policy of the company. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... assessee, the Ld. C1T(A) held that as per the provisions of section 10(10A)(ii) of the Act, the exemption was also available to the private employees also. However, the Ld. CIT(A) confirmed the disallowance made by the Assessing officer observing that the aforesaid payment was made by the employer of the assessee employees as one time lump sum payment on account of closure of pension policy. That while calculating the amount payable to employees on retrenchment, various factors were considered including the salary, length of service completed, number of years remaining till retirement etc. of the employees. He held that the amount had not been paid under the scheme of commutation of pension rather the same was paid on account of retrial po....