Court observed that mere compliance by portal upload cannot replace genuine service of notice and directed reassessment after giving the taxpayer a fair hearing.
The Income Tax Appellate Tribunal (ITAT), Chennai, held that an ex-gratia payment received by an employee upon the closure of the employer’s unit was a voluntary capital receipt, not taxable as ‘profits in lieu of salary’ under Section 17(3) of the Income Tax Act, 1961.
The Bombay High Court set aside an order denying Vesava Koli Samaj Shikshan Sanstha’s request to condone a 181-day delay in filing Form 10B for AY 2019-20, citing genuine cause.
New Income Tax Act 2025 retains key TDS rules for salary, PF, and superannuation; explains employer duties, employee declarations, and foreign salary taxation.
