2025 (7) TMI 761

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....d. Sr. DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2017-18 arises out of an order of learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 31-03-2022 in the matter of an intimation issued by CPC u/s 143(1) of the Act on 20-11-2017. Having heard rival submissions and upon perusal o....

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....1/- out of which amount of Rs. 5 Lacs was claimed exempt and remaining amount of Rs. 22,67,681/- was offered to tax. The assessee claimed relief u/s 89(1) for Rs. 2,67,501/-. The claim of the assessee is that remaining amount of Rs. 22,67,681/- is also exempt from tax since it is nothing but compensation received on closure of undertaking though the compensation was styled as VRS. We find that thi....