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2009 (6) TMI 65 - CHHATTISGARH HIGH COURTRetrospective application of amendment to section 10(10C) – ITAT allowed the claim of the assessee for exemption under section 10(10C) of the Income-tax Act, 1961 (for short ‘the Act’) to the extent of Rs. 5,00,000 by applying the prospective amendment retrospectively – held that - salary or benefit in lieu of salary payable to an employee opting for voluntary retirement is chargeable to tax under section 15(a) as soon as it became due, though not paid. The amount so received is exempted from being charged to tax to the extent of Rs. 5,00,000 by the reason of section 10(10C) of the Act. Even if the payment is stretched over a period of years, the same would not become chargeable to tax in any subsequent assessment year – decided in favor of assessee – revenue’s appeal dismissed.
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