ITAT Mumbai: BSNL VRS Compensation is Capital Receipt-Exempt u/s 10(10B); Delay Condoned

Bajirao Shankar Jagdale Vs ITO (ITAT Mumbai) ITAT Mumbai: BSNL VRS Compensation is Capital Receipt-Exempt u/s 10(10B); Delay Condoned The Mumbai ITAT held that compensation received under the BSNL Voluntary Retirement Scheme (VRS) 2019 is in the nature of retrenchment compensation and qualifies for exemption under Section 10(10B), treating it as a capital receipt not liable to tax. The CIT(A) had dismissed the appeal solely on the ground of significant delay (over 1300 days) and refused to entertain the claim as it was raised for the first time at the appellate stage. However, the Tribunal emp...