MANUEL SANTAN FERNANDES,PANAJI vs. INCOME TAX OFFICER, WARD 2(1), PANAJI, PANAJI

ITA 144/PAN/2026Status: DisposedITAT Panaji18 June 2026AY 2021-2213 pages
AI SummaryAllowed

What were the facts?

Employees of BSNL received amounts under a Voluntary Retirement Scheme (VRS) in 2019. The assessees claimed this amount as retrenchment compensation, eligible for exemption under Section 10(10B) of the Income Tax Act.

What did the Tribunal hold?

The Tribunal held that the amounts received under the BSNL VRS, 2019, are in the nature of retrenchment compensation and are capital receipts exempt from tax under Section 10(10B) of the Act. The orders of the CIT(A) were set aside.

What were the issues?

Whether amounts received under a Voluntary Retirement Scheme (VRS) qualify as retrenchment compensation eligible for exemption under Section 10(10B) or if Section 10(10C) is applicable.

Which sections of the Income-tax Act were involved?

Section 10(10B),Section 10(10C)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PANAJI BENCH, ‘SMC’ PANAJI

Before: DR.MANISH BORAD & SHRI VINAY BHAMORE

For Respondent: Smt. Rijula Uniyal
Hearing: 12.06.2026Pronounced: 18.06.2026

PER DR. MANISH BORAD, ACCOUNTANT MEMBER :

The captioned appeals at the instance of two different assessee(s) pertaining to A.Yrs. 2020-21 and 2021-22 are directed against the separate orders framed by Addl/JCIT(A)— 1, Kolkata/Jodhpur (ld. NFAC) passed u/s 250 of the Income T

The order continues below.

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