2001 (1) TMI 22 - HC - Income Tax

Summary

The High Court of Delhi ruled that the amount of Rs.36,000 used to purchase a deferred annuity policy for the benefit of the assessee was liable to be assessed as a profit in lieu of salary. The Tribunal's decision was overturned in favor of the Revenue based on the interpretation of section 2(24) and the expression "profits in lieu of salary" as per the Karamchari Union v. Union of India case.