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TMI Blog2016 (5) TMI 1144X X X X Extracts X X X X X X X X Extracts X X X X ..... 'the Act'). 2. The assessee has raised only one substantive ground as under:- ''To direct the Assessing Officer to delete the addition made of 25,00,000/- in the reassessment, on repayment of sign on bonus back to M/s. Barclays Bank, as this receipt does not constitute income. 3. The Brief facts of the case that assessee is an individual and has disclosed income from salary and filed return of income on 28.07.2008 with total income of Rs. 43,54,815/- and as per return of income the assessee is entitled for a refund of Rs. 7,72,266/-. Subsequently the return of income was processed u/s.143(1) of the Act and the ld. Assessing Officer based on the form No. 16 issued by the employer found that the assessee's salary income is Rs. 68,54,815 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 008-09 he has reduced Rs. 25,00,000/- from his gross salary and filed return of income. The ld. Assessing Officer considered the facts of the assessee on change in employment and is of opinion that there is no provision of the Act were such reduction of salary income is permissible. The ld. Assessing Officer has added Rs. 25,00,000/- to the income of the current assessment year and assessed total income of Rs. 68,54,820/-. Aggrieved by the order of Assessing Officer, the assessee filed an appeal before Commissioner of Income Tax (Appeals). 4. In the hearing proceedings, the ld. Authorised Representative of the assessee argued on the grounds and submitted proofs pertaining to sign-on-bonus. The ld. Commissioner of Income Tax (Appeals) consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r deleting the addition and allow the appeal. 6. Contra, the ld. Departmental Representative relied on the orders of the lower authorities and interpretation by the Commissioner of Income Tax (Appeals) on various provisions of law and also filed written submissions and opposed the grounds of the appeal. 7. We heard the rival submissions, perused the material on record and judicial decisions cited. The ld. Authorised Representative only disputed issue being sign-on-bonus should be allowed as deduction from the gross salary since it was repaid and offered to tax in assessment year 2007-08. The issue revolved around whether the provision of Act permit deduction were the assessee voluntarily resigned from Barclays Bank and joined Deutsche Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X
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