TMI Blog1998 (2) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... following question of law is referred to us for our consideration : "Whether, on the facts and circumstances of the case and on a proper construction of the Voluntary Separation Scheme, the sum of Rs. 77,490 can be subjected to tax ?" The assessee was an employee and the assessee received certain payments from his employer at the time of premature termination of his contract employment with hi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount was taxable as profit in lieu of salary within the meaning of section 17(3)(i) of the Act. Challenging the order of the Tribunal, the assessee has sought for a reference and the question of law set out earlier has been referred to us. Mr. P. P. S. Janardhana Raja, learned counsel for the assessee, submitted that a similar matter was considered by this court in the case of G. N. Badami v. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on with the termination of his employment. The conditions prescribed under section 17(3)(i) of the Act are fully satisfied in this case and the amount of compensation received by the assessee is liable to be treated as salary and, therefore, we are of the view that there is no error in the order of the Tribunal in holding that the amount received by the assessee is taxable as salary and, according ..... X X X X Extracts X X X X X X X X Extracts X X X X
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