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2008 (4) TMI 185 - HC - Income TaxAssessee after retirement received amount as a special compensation – assessee claimed it was a non-taxable receipt being the compensation for not taking up any competitive employment under a restrictive covenant – no material to suggest that there existed a service contract as contended by AO – so it cannot be termed as profit in lieu of salary – compensation received was in lieu of loss of future work and was a capital receipt - therefore, it is exempt u/s 17(3)(i)
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