Shri . Prakash Shankar jagushte, Pune V. Income-tax Officer, Pune

ITA 1280/PUN/2011

• Counselvise Citation: [2012] 119 COUNSELVISE.COM (IT) 9875 (ITAT-PUNE)
• Duration Of Justice: 1 year(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-10-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2006-2007
• Appeal Filed On: 12-10-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: VIN

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B , PUNE BEFORE SHRI R.S. PADVEKAR, JUDICIAL MEMBER AND SHRI R.K. PANDA, ACCOUNTANT MEMBER ITA NO. 1280/PN/11 (ASSTT. YEAR : 2 006-07) SHRI PRAKASH SHANKAR JAGUSTE , APPELLANT 3, RAHU APARTMENTS, ANAND NAGAR, PUNE 411 051 PAN : ACAPJ8198E V. INCOME TAX OFFICER, WARD 7(2) RESPONDENT PUNE APPELLANT BY : SHRI M .K. KULKARNI RESPONDENT BY : SMT. VIN ITA MENON DATE OF HEARING : 31/10/12 DATE OF PRONOUNCEMENT : 31 -10-12 O R D E R PER R.S. PADVEKAR, JM IN THIS APPEAL, THE ASESSEE HAD CHALLENGED THE IMPUGNED ORDER OF THE LD CIT(A) -III, PUNE DATED 30.06.2011 FOR THE A.Y. 2006-07. 2. THE ASSESSEE HAS TAKEN THE FOLLOWING GROUNDS IN THE APPEAL : 1. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW THE LD. C.I.T.(A) ERRED IN DISMISSING THE APPEAL OF THE APP ELLANT-ASSESSEE BEFORE HIM REJECTING THE CLAIM OF THE APPELLANT MADE FOR E XEMPTION UNDER S.10(10C) OF THE ACT. THE HIGHER JUDICIAL APPELLAT E FORUMS HAVE APPROVED SUCH CLAIM OF EXEMPTION IN IDENTICAL CIRCUMSTANCES EVEN THE HONBLE SUPREME COURT DISMISSED THE SLP FILED BY THE DEPART MENT WHERE HIGH COURT HAS ALLOWED THE EXEMPTION. THE EXEMPTION BE ALLOWED TO THE APPELLANT U/S. 10(10C) OF THE ACT. 2. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND I N LAW THE LD. C.I.T.(A) III, PUNE ERRED IN NOT APPRECIATING THE ARGUMENTS OF THE APPELLANT PROPERLY IN THE MATTER. THE LD. C.I.T.(A ) ALSO ERRED IN NOT FOLLOWING THE JURISDICTIONAL TRIBUNAL JUDGMENT WHIC H WAS BINDING ON HIM IN VIEW OF HONBLE SUPREME COURT JUDGMENT IN THE CASE OF KAMALAXMI FINANCE LTD. THE EXEMPTION BE ALLOWED TO THE APPEL LANT. 3. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND I N LAW AND SINCE ALL THE CONDITIONS OF RULE 2BA RWS. 10(10C) OF THE ACT WERE SATISFIED IN THIS CASE, THE LD. C.I.T. (A)-III, PUNE OUGHT TO HAVE AL LOWED EXEMPTION TO THE APPELLANT. 2 ITA NO. 1280/PN/2011 SHRI PRAKASH SHANKAR JAGUSTE A.Y.2006-07 4. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND I N LAW THE ASSESSEE DENIES HIS LIABILITY TO PAY INTEREST U/S. 234-A, 23 4-B AND 234-C OF THE ACT AND IT BE DELETED. 2. THE SHORT ISSUE IS WHETHER THE ASSESSEE IS ENTIT LED FOR EXEMPTION U/S. 10(10C) OF THE I.T. ACT TOWARDS EX-GRATIA AMO UNT RECEIVED FROM HIS EMPLOYER BANK I.E. STATE BANK OF INDIA OF RS.4,27,1 23/- ON HIS VOLUNTARY RETIREMENT BY OPTING FOR THE V.R.S. THE LD. COUNS EL SUBMITS THAT THE ISSUE STANDS COVERED IN FAVOUR OF THE ASSESSEE BY T HE DECISION OF THE ITAT, PUNE IN THE CASE OF ITO, KOLHAPUR VS. SHRI VIJAY GANPATRAO PATIL, ITA NO.1045/PN/2011, ORDER DATED 29 TH AUGUST 2012. 3. WE HAVE ALSO HEARD THE LD. D.R. WE FIND THAT TH E ISSUE STANDS COVERED IN FAVOUR OF THE ASSESSEE BY THE DECISION O F THE ITAT PUNE IN THE CASE OF ITO, KOLHAPUR VS. SHRI VIJAY GANPATRAO PA TIL (SUPRA). THE OPERATIVE PART OF THE TRIBUNAL DECISION IS AS UNDER : 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 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 (BOM) ALLOWED THE CLAIM OF THE ASSESSEE. WE FURTHER FIND THAT THE ASSESSEE S CASE IS ALSO SQUARELY 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). ACCORDINGLY, THE SAME IS CONFIRMED. MOREOVER, THE DECISION OF THE HONBLE JURISDICTION AL HIGH COURT IN THE CASE OF KOODATHIL KALLYATAN AMBUJAKSHAN (SUPRA) HAS BEEN ACCEPTED BY THE BOARD AND THE REQUIRED CIRCULAR IS ALSO ISSUED. WE, THEREFORE, ALLOW THE RESPECTIVE GROUNDS OF THE ASSESSEE AND DIRECT T HE A.O TO ALLOW THE CLAIM OF THE ASSESSEE U/S. 10(10C) OF THE ACT. 3 ITA NO. 1280/PN/2011 SHRI PRAKASH SHANKAR JAGUSTE A.Y.2006-07 4. IN THE RESULT, THE ASSESSEES APPEAL IS ALLOWED. THE ORDER IS PRONOUNCED IN THE OPEN COURT AFTER CO NCLUSION OF THE HEARING ON 31 ST OCTOBER 2012. SD/- SD/- (R.K. PANDA) ACCOUNTANT MEMBER (R.S.PADVEKAR ) JUDICIAL MEMBER PUNE, DATED THE 31 ST OCTOBER, 2012 US COPY OF THE ORDER IS FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT-VI, PUNE 4. THE CIT(A)-III, PUNE 5. THE D.R. B BENCH, PUNE 6. GUARD FILE /- TRUE COPY-/ BY ORDER SENIOR PRIVATE SECRETARY INCOME TAX APPELLATE TRIBUNAL PUNE