SANDEEP VANJARE,MUMBAI vs. ASSTT COMM. OF INCOME TAX CIRCLE-34(3), MUMBAI

ITA 4179/MUM/2023Status: DisposedITAT Mumbai30 April 2024AY 2017-18Bench: SHRI NARENDER KUMAR CHOUDHRY (Judicial Member), SHRI RATNESH NANDAN SAHAY (Accountant Member)9 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the amount received by the assessee was salary in advance, not compensation for termination, following a co-ordinate bench's decision and Supreme Court precedent. The Assessing Officer was directed to allow the full claim.

What were the facts?

The assessee claimed relief under section 89(1) for salary received in advance. The Assessing Officer treated the amount as compensation on termination and allowed lower relief. The Commissioner (Appeals) dismissed the assessee's appeal.

What were the issues?

Whether the amount received by the assessee is salary in advance or compensation for termination of employment, and consequently, the correct method for calculating relief under Section 89(1).

Which sections of the Income-tax Act were involved?

Section 89(1)

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Income Tax Appellate Tribunal, MUMBAI BENCH “G”, MUMBAI

Before: SHRI NARENDER KUMAR CHOUDHRY & SHRI RATNESH NANDAN SAHAY

For Appellant: Shri Ravikant S. Pathak, C.A
For Respondent: Shri Manoj Kumar Singh, Sr. A.R
Pronounced: 30.04.2024

Per : Narender Kumar Choudhry, Judicial Member:

This appeal has been preferred by the assessee against the order dated 10.10.2023, impugned herein, passed by the Ld. National Faceless Appeal Center (NFAC)/ Ld. Commissioner of Income Tax (Appeals) (in short Ld. Commissioner) under section 250 of the Income Tax Act, 1961 (in short ‘the Act’) for the A.Y. 2017-18. 2. In the instant case, during the year under consideration, the assessee claimed to has earned salary in advance to the tune of Rs.84,76,513/- from its former employer namely M/s. Century Textiles and Indust

The order continues below.

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