ITO, Wd.-2(2), Aurangabad V. Shri Shanakr Ramayya Mutha, Aurangabad

ITA 1228/PUN/2011

• Counselvise Citation: [2012] 119 COUNSELVISE.COM (IT) 9960 (ITAT-PUNE)
• Duration Of Justice: 1 year(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-09-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2007-2008
• Appeal Filed On: 28-09-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ANN KAPTHUAMA
• Assessee Lawyers: SR NO NE

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH A , PUNE BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI R.S. PADVEKAR, JUDICIAL MEMBER SR NO I.T.A. NO. ASSTT.YEAR APPELLANT V/S RESPPONDENT 1. 1228/PN/2011 2007 - 08 THE ITO, WARD 2(2), JEEVAN SUMAN 2 ND FLOOR, LIC BUILDING, N-5, CIDCO, AURANAGABAD 431 003 V. SHRI. SHANKAR RAMAYYA MUTHA, B-4,N-4,CIDCO, AURANGABAD PAN: ABEPM0591P 2. 1230/PN/2011 2007 - 08 - DO - V. SMT.JAYASHREE MACHINDRA SHINDE, C/O HEMANT SHERKHANE, SHOP NO.36 RAJ HIGHTS, AURANGABAD PAN :AEPPS9813L 3. 1232/PN/2011 2007 - 08 - DO - V. SHRI. HANUMANT KHANTHRAO HIRWE, 39, SHAYOG NAGAR, GARKHEDA, AURANGABAD PAN: AAGPH1878K 4. 1234/PN/2011 2007 - 08 - DO - V. SHRI. CHANDWANI GOPAL AWATRAM C-28, N-4, CIDCO, AURANGABAD PAN: AAYPC3423B APPELLANT BY : MS. ANN KAPTHUAMA RESPONDENT BY : SR. 1, 3, 4 NO NE, & SR.2 SMT. JAYASHREE MACHINDRA SHINDE DATE OF HEARING : 28/9/2012 DATE OF PRONOUNCEMENT : 28- 9-12 O R D E R PER BENCH : THIS BATCH OF FOUR APPEALS ARE FILED BY THE REVE NUE CHALLENGING THE IMPUGNED ORDERS OF THE LD CIT(A)-, AURANGABAD AND THE ASSESSMENT YEARS INVOLVED IS 2007-08. MOREOVER, THE LD CIT(A ) HAS PASSED ALL THE FOUR ORDERS ON 18.7.2011. THE ONLY SOLITARY ISSUE WHICH ARISES FOR OUR CONSIDERATION IS WHETHER THE ASSESSEE IS ENTITLED F OR THE BENEFIT OF THE EXEMPTION OF RS. 5 LAC U/S. 10(10C) OF THE I.T. ACT . 2 ITA NOS. 1228,1230, 1232 & 1234/PN/2011 A.Y. 2007-08 2. BRIEFLY STATED, THE FACTS ARE AS UNDER. ALL THE ASSESSEES WERE THE EMPLOYEES OF THE STATE BANK OF HYDERABAD AND HAVE O PTED FOR VRS AND RECEIVED VRS COMPENSATION. ALL THESE ASSESSEES DEC LARED THE AMOUNT OF THE VRS COMPENSATION IN THEIR RETURNS OF INCOME AND CLAIMED A DEDUCTION OF RS. 5,00,000/- U/S. 10(10C) OF THE ACT IN RESPEC T OF THE AMOUNT OF THE VRS COMPENSATION RECEIVED BY THEM FROM THEIR EMPLOY ER I.E. STATE BANK OF HYDERABAD. THE A.O. REJECTED THE CLAIM OF THE ASSE SSEE AND MADE THE ADDITION TO THE TOTAL INCOME. THE LD CIT(A) DELETE D THE ADDITION MADE BY THE A.O. IN THE CASES OF ALL THESE FOUR ASSESSEES, BY F OLLOWING THE DECISION OF THE HONBLE HIGH COURT OF BOMBAY IN THE CASE OF CIT VS. KOODATHIL KALLYATAN AMBUJAKSHAN,309 ITR 113, AS WELL AS THE D ECISION OF THE ITAT, PUNE, IN THE CASE OF ITO, JALGAON VS. HARIBHAU SALI , ITA NO. 1429/PN/2009 DATED 25/03/2011. NOW THE REVENUE IS IN APPEAL. 3. WE HAVE HEARD THE PARTIES AND PERUSED THE RECORD . WE FIND THAT IDENTICAL ISSUE HAS BEEN CONSIDERED BY THE ITAT PUN E BENCH IN THE CASE OF SMT. JAYSHREE ARUN WALWADKAR, ITA NO. 1047/PN/2011, ORDER DATED 29.8.2012. THE OPERATIVE PART OF THE TRIBUNAL ORDE R IS REPRODUCED AS UNDER : 2. BRIEFLY STATED FACTS ARE AS UNDER. THE ASSESSEE WAS EMPLOYEE OF THE STATE BANK OF INDIA AND OPTED FOR VOLUNTARY RETIREM ENT AS PER EXIST OPTION SCHEME (EOS) DECLARED BY THE BANK. IN THE RETURN O F INCOME FOR THE A.Y. 2007-08. THE ASSESSEE CLAIMED EXEMPTION U/S. 10(1 0C) OF THE ACT IN RESPECT OF THE EX-GRATIA AMOUNT RECEIVED FROM THE B ANK ON HER 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 ASSESSMENT ORDER BEFORE THE LD CIT(A). THE LD CIT(A) FOLLOWING THE DECISION IN THE CASE OF CIT V S. KOODATHIL KALLYATAN AMBUJAKSHAN, 219 CTR 80 (BOM) ALLOWED THE CLAIM OF THE ASSESSEE. WE FURTHER FIND THAT THE ASSESSEES CASE IS COVERED BY THE DECISIONS OF THE CO- ORDINATE 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) AND ACCORDINGLY, THE SAME IS CONFIRMED. 4. IT IS TO BE NOTED HERE THAT THE CBDT HAS ISSUED THE CIRCULAR ACCEPTING THE DECISION OF HONBLE HIGH COURT OF BOMBAY IN THE CASE OF KOODATHIL KALLYATAN 3 ITA NOS. 1228,1230, 1232 & 1234/PN/2011 A.Y. 2007-08 AMBUJAKSHAN (SUPRA). WE FIND THAT THE ORDER OF TH E LD CIT(A) IS IN CONFORMITY WITH LAW AND NO INTERFERENCE IS REQUIRE D. ACCORDINGLY, THE SAME IS CONFIRMED. 5. IN THE RESULT, REVENUES APPEALS ARE DISMISSED. THE ORDER IS PRONOUNCED IN THE OPEN COURT AFTER HEA RING ON 28TH SEPTEMBER 2012 . SD/- SD/- (G.S. PANNU) ACCOUNTANT MEMBER (R.S.PADVEKAR ) JUDICIAL MEMBER PUNE, DATED THE 28TH SEPTEMBER, 2012 US COPY OF THE ORDER IS FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT, AURANGABAD 4. THE CIT(A)- AURANGABAD 5. THE D.R. A BENCH, PUNE 6. GUARD FILE /- TRUE COPY-/ BY ORDER SENIOR PRIVATE SECRETARY INCOME TAX APPELLATE TRIBUNAL PUNE