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2010 (9) TMI 170 - HC - Income TaxProfits in lieu of salary (Section 17 (3) of the Income-Tax Act) - retirement benefits at the time of his retirement - employer had deducted the tax at source - Held that: - employer agreed to pay "in its discretion" Rs. 35 lacs as an "exceptionable" and "one off ex-gratia payment- It, therefore, clearly partakes the character of voluntary payment and cannot be termed as payment by way of compensation - the receipt of this payment by him would not be covered under clause (i) of sub section (3) of Section 17 of the Act - appeal of the revenue is dismissed
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