Pfizer Ex-Gratia Payment as Capital Receipt, ITAT Pune Deletes Addition

Ashok Raghunathrao Kulkarni Vs ITO (ITAT Pune) The Pune Bench of the Income Tax Appellate Tribunal considered the assessee’s appeal against the order dated 06.12.2023 passed by the Commissioner of Income Tax (Appeals)/NFAC for Assessment Year 2019-20. The dispute arose from the denial of relief under Section 89 of the Income-tax Act, 1961 and the treatment of ₹57,12,674 received by the assessee under the Financial Scheme introduced by Pfizer Healthcare India Pvt. Ltd. as profits in lieu of salary under Section 17(3). The assessee contended that the claim under Section 89 had been withd...