9911796707
TMI Blog2019 (12) TMI 813X X X X Extracts X X X X X X X X Extracts X X X X ..... ngly passed the order u/s 250(6) of the Income Tax Act, 1961 against law and facts of the case. 2. That the Ld. CIT(A)-1, Chandigarh erred in facts and in law in making disallowance of claim made by assessee u/s 10(10A)(ii) of the Act of Rs. 15,65,410/- without an / base and reason thereof. 3. That the order of the authorities below are highly unjust, arbitrary, against equity and natural justice and hence liable to be set aside on this score also. 4. Further that the entire amount of compensation of Rs. 46,96,247/- is exempt as section 56(xi) was inserted from A.Y. 2019-20. 3. A perusal of above grounds of appeal reveals that the assessee has agitated the action of the lower authorities in making / upholding the disallowance of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fter putting in the requisite years of service required as per the personnel policy of the employer M/s Ranbaxy Laboratories Ltd. Copies of personnel policy alonqwith offer letter and form No 16 are attached herewith.' However, the Assessing Officer observed from the record that during the year under consideration, employer of the assessee had introduced new retrial policy i.e. Personnel Policy No.32D superseding the existing Personnel Policy No.32A, 32B and 32C. The Assessing Officer further observed that as per the earlier policies, the employee and his / her family (in case of employee who died whilst in service) would be eligible for pension, gratuity, medical and other benefits like accommodation and education for children. The n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pension / commuted pension to the employees. As per the said policy, the employer of the assessee had drawn annuity policy for its employees from Life Insurance Corporation of India. Out of the total fund value payable to the assessee, an amount of Rs. 46,96,247/- was paid to the assessee on account of Commuted Pension and the balance funds was to be utilized for paying monthly pension after getting relieved from service. Though, the assessee was not immediately retired from the service and continued with the employment with his employer, yet, the basic intent and purpose of the aforesaid payment to the assessee was that of payment towards commuted pension to the employees. Though, generally the retrial benefits are paid on retirement from ..... X X X X Extracts X X X X X X X X Extracts X X X X
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