Severance Fee Received Under Voluntary Retirement Scheme Taxable as "Profit in Lieu of Salary.

ITAT held that severance fee received by assessee under Compulsory Retirement Scheme on voluntary retirement was taxable as "profit in lieu of salary" u/s 17(3)(i), being compensation received at termination of employment. CIT(A) order concluding receipt as income under head "Salaries" was upheld, no infirmity found. .....

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