Section 10(10B) VRS Compensation Exemption Allowed for Central Govt Approved Scheme

Dayal Singh Vs ITO (ITAT Chandigarh) Conclusion: Assessee was entitled for exemption under section 10(10B) for Voluntary Retirement Scheme (VRS) compensation on whole of the amount received citing that the Central-Government approved schemes that benefited Employees. Held: Assessee filed his Income Tax Return and offered Rs. 19,98,055 on account of VRS compensation which was received from HMT Ltd (Tractor Division). Later, assessee came to know that the amounts received under VRS were exempted under section 10(10B). Assessee filed an appeal before CIT(A) which was delayed by 691 days. CIT(A) d...