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Post-2002 Sec.17(3) Amendment Covers All Termination Payments
Case Law Details
- Case Name
- Smt. Supriya Nagendla Vs ITO (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Hyderabad
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Smt. Supriya Nagendla Vs ITO (ITAT Hyderabad)
Severance Compensation Pay Taxable: Post-2002 Sec.17(3)(iii) Amendment Covers All Payments on Cessation of Employment -Profits in Lieu of Salary
This appeal concerned the taxability of severance compensation of Rs.26,97,912/- received by Assessee from her employer, Monsanto Holdings Pvt. Ltd., upon cessation of employment. Assessee filed her return declaring total income of Rs.25,10,760/- but disclosed only Rs.26,58,124/- as salary, although Form 24Q reflected gross salary of Rs.61,29,902/-. During scrutiny, AO found that Assessee had treated sever...
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