TMI Blog1986 (6) TMI 67X X X X Extracts X X X X X X X X Extracts X X X X ..... ies Ltd, was exempt under s. 10 (10AA) (i) of the IT Act, 1961. The assessee was employed as a Master of Ship belonging to M/s. Damodar Bulk Carriers Ltd. After the period of service he resigned and subsequently took employment in Dempo Steamships. He received leave encasement in respect of accumulated leave standing at his credit. The assessee contended that in private service resignation and ret ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have heard the ld. Departmental representative and the counsel for the assessee. Sec. 10 (10AA) (i) uses the word 'retirement' whether on superannuation or otherwise. The question for consideration is whether resignation by the contract employee under the terms of the contract can amount to retirement on superannuation or otherwise. In our opinion, the claim of the assessee cannot be accepted. Sup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay be at the age of 50 years or so and one may be entitled to retire, say, after putting in 5/10 years of service. That type of case would fit in the words used in sub-cl. (1) of s. 10 (10AA) that may be retirement otherwise than on superannuation. We are of the opinion that resignation from a contract service is not envisaged in s. 10 (10AA) (i) or (ii). We therefore, allow the departmental appea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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