India - Income Tax Act 2010 - Saarc

S. 10(10BC) I.T. ACT, 1961 1.54Provided further that the preceding proviso shall not apply in respectof any compensation received by a workman in accordance with anyscheme which the Central Government may, having regard to theneed for extending special protection to the workmen in the undertakingto which such scheme applies and other relevant circumstances,approve in this behalf.]Explanation.—For the purposes of this clause—(a) compensation received by a workman at the time of the closingdown of the undertaking in which he is employed shall be deemedto be compensation received at the time of his retrenchment ;(b) compensation received by a workman, at the time of the transfer(whether by agreement or by operation of law) of the ownershipor management of the undertaking in which he is employed fromthe employer in relation to that undertaking to a new employer,shall be deemed to be compensation received at the time of hisretrenchment if—(i) the service of the workman has been interrupted by suchtransfer ; or(ii) the terms and conditions of service applicable to the workmanafter such transfer are in any way less favourable to theworkman than those applicable to him immediately beforethe transfer ; or(iii) the new employer is, under the terms of such transfer orotherwise, legally not liable to pay to the workman, in theevent of his retrenchment, compensation on the basis that hisservice has been continuous and has not been interrupted bythe transfer ;65(c) the expressions “employer” and “workman” shall have thesame meanings as in the Industrial Disputes Act, 1947 (14 of1947);]66[(10BB) any payments made under the Bhopal Gas Leak Disaster (Processingof Claims) Act, 1985 (21 of 1985), and any scheme framed thereunderexcept payment made to any assessee in connection with the BhopalGas Leak Disaster to the extent such assessee has been allowed adeduction under this Act on account of any loss or damage caused tohim by such disaster ;]67[(10BC) any amount received or receivable from the Central Government ora State Government or a local authority by an individual or his legalheir by way of compensation on account of any disaster, except theamount received or receivable to the extent such individual or hislegal heir has been allowed a deduction under this Act on account ofany loss or damage caused by such disaster.65. For text of clause (g) and clause (s) of section 2 of the Industrial Disputes Act, 1947, defining“employer” and “workman”, respectively, see Appendix.66. Inserted by the Finance Act, 1992, w.e.f. 1-4-1992.67. Inserted by the Finance Act, 2007, w.r.e.f. 1-4-2005.