COMMISSIONER OF INCOME TAX Vs. R K MUKHERJEE

JUDGEMENT

(1.) ON an application under S. 256(1) of the IT Act, 1961, the Tribunal has referred the following question for our opinion :

(2.) IN this case the assessee claimed the amount of Rs. 60,437 received from an approved superannuation fund is not taxable under Act, 1961. The ITO has taken the view that when conditions laid down in S. 10(13) of the Act are not fulfilled, the income of Rs. 60,437 is not exempted. In the appeals the CIT(A) and the Tribunal both have allowed the claim of the assessee that the amount in question cannot be a perquisite within the meaning of S. 17(3)(ii) of the Act. Therefore, it cannot be taxed.

(3.) THE relevant provision that is cl. (ii) of sub-s. (3) of S. 17 reads as under :