GYANESH CHANDRA SRIVASTAVA ,JAIPUR vs. ITO WARD 1(3) , JAIPUR

ITA 1516/JPR/2024Status: DisposedITAT Jaipur20 May 2025AY 2018-19Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)5 pages
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What did the Tribunal hold?

The Tribunal held that the amount received by the assessee was genuine compensation as per the explanation to Section 10(10B). Following the Madras High Court's decision in CIT Vs. Hindustan Photo Film Workers Welfare Centre &Ors., the Tribunal accepted the assessee's grievance.

What were the facts?

The assessee received an amount of Rs. 46,23,490/- upon closure of a unit where he was employed. The Assessing Officer (AO) treated this as VRS/VSS payment, allowing exemption only up to Rs. 5,00,000/- under Section 10(10C) and taxing the balance. The assessee contended it was retrenchment compensation fully exempt under Section 10(10B).

What were the issues?

The key issue was whether the amount received by the assessee was retrenchment compensation (exempt under Section 10(10B)) or an ex-gratia payment under VRS/VSS (partially exempt under Section 10(10C)).

Which sections of the Income-tax Act were involved?

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

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Income Tax Appellate Tribunal, JAIPUR BENCHES,”B” JAIPUR

Before: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA. No.1516/JPR/2024

Hearing: 24/02/2025Pronounced: 20/05/2025

PER: DR. S. SEETHALAKSHMI, J.M.

This is an appeal filed by the assessee against the order of ld. CIT(A), National Faceless Appeal Centre (NFAC) Delhi dated 09.12.2024 passed under section 250 of the I.T. Act, 1961, for the assessment year 2018-19. The assessee has raised the following grounds of appeal :- “1. Under the facts and circumstances of the case Ld. CITA(A) grossly erred in confirming the invalid and ille

The order continues below.

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