Income-tax Officer, Ward-2(2), Kolhapur V. Shri Vijay Ganpatrao Patil, Kolhapur

ITA 1045/PUN/2011

• Counselvise Citation: 104524514 RSA 2011
• Duration Of Justice: 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-08-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2007-2008
• Appeal Filed On: 16-08-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ANN KAPTHUAMA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH A , PUNE BEFORE SHRI R.S. PADVEKAR JUDICIAL MEMBER AND SHRI R.K. PANDA, ACCOUNTANT MEMBER I.T.A. NO. 1045/PN/2011 (ASSTT. YEAR : 2007-08) INCOME TAX OFFICER, APPLICANT WARD 2(2), KOLHAPUR , V. SHRI VIJAY GANPATRAO PATIL RESPONDENT C-203, AYODHYA PARK, OLD P.B. ROAD, KOLHAPUR PAN : AAYPP 8725 B APPELLANT BY : MS. ANN KAPTHUAMA RESPONDENT BY : SHRI VIJAY GANPATRAO PATIL HEARD ON : 06/ 8/2012 PRONOUNCED ON : /8/2012 ORDER PER R.S. PADVEKAR, JM IN THIS APPEAL, THE REVENUE HAS CHALLENGED THE IM PUGNED ORDER OF CIT(A), KOLHAPUR DATED 16.6.2011 FOR THE A.Y. 2007- 08. THE REVENUE HAS TAKEN FOLLOWING EFFECTIVE GROUNDS IN THE APPEAL : 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE, THE CIT(A), KOLHAPUR, FAILED TO APPRECIATE THE FACT THAT THE EM PLOYEES OPTED FOR EXIT OPTION SCHEME DECLARED BY SBI AND SBI, PATIALA AND OTHER ASSOCIATE BANKS ARE NOT ELIGIBLE FOR EXEMPTION U/S 10(10C) AS RIGHTLY POINTED OUT BY THE BOARD UNDER LETTER F. NO . 200/34/2009/ITA.I DATED 06/10/2009. 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E, THE CIT(A), KOLHAPUR ERRED IN HOLDING THAT THE ASSESSING OFFICE R WAS NOT JUSTIFIED IN REJECTING THE CLAIM OF EXEMPTION U/S 10(10C) AND FURTHER ALLOWING ASSESSEES APPEAL ON THIS GROUND I GNORING THE FACT THAT THERE IS NO FULFILLMENT OF LEGAL REQUIREMENT L AID DOWN UNDER RULE 2BA OF THE IT RULES, 1962 FOR ITS ADMISSIBILIT Y. WE HAVE HEARD THE LD D.R. 2. BRIEFLY STATED FACTS ARE AS UNDER. THE ASSESSEE WAS EMPLOYEE OF THE STATE BANK OF INDIA AND OPTED FOR VOLUNTARY RET IREMENT AS PER EXIST OPTION SCHEME (EOS) DECLARED BY THE BANK. IN THE R ETURN OF INCOME FOR ITA NO. 1045/PN/2011 VIJAY GANPATRAO PATIL A.Y. 2007-08 PAGE OF 3 2 THE A.Y. 2007-08. THE ASSESSEE CLAIMED EXEMPTION U/S. 10(10C) OF THE ACT IN RESPECT OF THE EX-GRATIA AMOUNT RECEIVED FRO M THE BANK ON HIS VOLUNTARY RETIREMENT. THE SAID CLAIM OF EXEMPTION U/S. 10(10C) WAS REJECTED BY THE A.O. FOLLOWING THE CBDT CIRCULAR F. NO.200/34/2009- ITA.I, DATED 8.10.2009. THE A.O. DENIED THE CLAIM OF THE ASSESSEE U/SEC. 10(10C) OF THE ACT. THE ASSESSEE CHALLENGED THE ASS ESSMENT ORDER BEFORE THE LD CIT(A). THE LD CIT(A) FOLLOWING THE DECISIO N IN THE CASE OF CIT VS. KOODATHIL KALLYATAN AMBUJAKSHAN, 219 CTR 80 (BO M) ALLOWED THE CLAIM OF THE ASSESSEE. WE FURTHER FIND THAT THE AS SESSEES CASE IS ALSO SQUARELY COVERED BY THE DECISIONS OF THE CO-ORDINAT E BENCHES OF THE ITAT IN THE FOLLOWING CASES : 1) ITO VS. SHRI JAVERILAL DALICHAND CHHAJED, ITA N O. 326/PN/2010 DATED 8/11/2011 2) SHRI VENUGOPAL VS. KATTI, ITA NO. 4090/BANGALO RE/2001 DATED 15.2.2012 3) ITO VS. ROHIT KUMAR, ITA NO. 969/AHD/2010 DT.5/ 5/2011, ITAT, A BENCH, AHMEDABAD, WE FIND NO REASON TO INTERFERE WITH THE ORDER OF TH E CIT(A). ACCORDINGLY, THE SAME IS CONFIRMED. 3. IN THE RESULT, REVENUES APPEAL IS DISMISSED. ORDER IS PRONOUNCED IN THE OPEN COURT ON 29TH AUGU ST 2012. SD/- SD/- ( R.K. PANDA ) ACCOUNTANT MEMBER ( R.S. PADVEKAR ) JUDICIAL MEMBER PUNE, DATED THE 29TH AUGUST, 2012 US COPY OF THE ORDER IS FORWARDED TO : 1. THE APPLICANT 2. THE RESPONDENT 3. THE CIT-I/II, KOLHAPUR/CIT (CENTRAL), PUNE 4. THE CIT(A)- KOLHAPUR ITA NO. 1045/PN/2011 VIJAY GANPATRAO PATIL A.Y. 2007-08 PAGE OF 3 3 5. THE D.R. ITAT A BENCH, PUNE 6. GUARD FILE /-TRUE COPY-/ BY ORDER SENIOR PRIVATE SECRETARY INCOME TAX APPELLATE TRIBUNAL PUNE