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2020 (3) TMI 473 - BOMBAY HIGH COURTSalary receipt - receipt pertaining to redemption of stock appreciation rights (SARs) - whether amount can be assessed as salary income in the hands of a person when received from a person other than his employer? - absence of an employer - employee relationship - HELD THAT:- Assessing Officer himself had recorded in the assessment order that the petitioner had redeemed the SARs during the financial year 1997-98 relating to the assessment year 1998-99 which is prior to insertion of clause (iiia) to Section 17(2) of the Act w.e.f 1.4.2000. Therefore, the said amount could not have been treated as a perquisite to be included as income under the head ‘salaries’ and taxed accordingly. Following the decision of the Supreme Court in the case of Bharat V. Patel [2015 (2) TMI 761 - GUJARAT HIGH COURT] we answer the substantial questions of law framed in favour of the assessee and against the revenue.
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