Shri Dayagauri Vinodchandra Korwala, Surat V. The Income tax Officer,Ward-7(3), Surat

ITA 1281/AHD/2010

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 0219 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-08-2010
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2007-2008
• Appeal Filed On: 23-04-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: K R GHEEWALA
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AT AHMEDABAD AHMEDABAD B BENCH (BEFORE S/SHRI G.D. AGARWAL, VICE-PRESIDENT AND MAHAVIR SINGH, JUDICIAL MEMBER) ITA.NO.1281/AHD/2010 [ASSTT. YEAR : 2007-2008] DAYAGAURI VINODCHANDRA KORWALA 10, SAI DARPAN ROW HOUSE B/H. ASHIRWAD-2 BAMROLI ROAD, SURAT. VS. ITO, WARD-7(3) SURAT. (APPELLANT) (RESPONDENT) REVENUE BY : SHRI K.MADHU SUDAN ASSESSEE BY : SHRI K.R. GHEEWALA O R D E R PER G.D. AGRAWAL, VICE-PRESIDENT: THIS IS ASSESSEES APPEAL AGAINST THE ORDER OF THE CIT(A)-V, SURAT DATED 11-2 -2010 ARISING OUT OF THE ORDER OF THE ASSESSING OFFICER PASSED UNDER SECTION 143(3) OF THE INCOME TAX ACT, 1961. 2. THE ONLY GROUND IN THIS APPEAL BY THE ASSESSEE I S AGAINST THE REFUSAL OF EXEMPTION UNDER SECTION 10(10C) OF THE ACT AMOUNTIN G TO RS.5,00,000/- FOR THE COMPENSATION RECEIVED BY THE ASSESSEE ON HER VOLUNT ARY RETIREMENT OF SERVICE (VRS). 3. WE HAVE HEARD BOTH THE PARTIES AND PERUSED THE M ATERIAL PLACED BEFORE US. WE FIND THAT THIS ISSUE IS SQUARELY COVERED IN FAVOUR OF THE ASSESSEE BY THE FOLLOWING DECISIONS: I) ITO VS. SHRI SHAILESH VASUDEV DAVE, ITA NO.963/AHD/ 2010 DATED 25-6-2010; II) ITO VS. KANIAYALAL VADILAL BHAVSAR, ITA NO.3276/AHD /2009 DTD. 29-1-2010; ITA.NO.1281/AHD/2010 -2- III) CIT VS. KOODATHI KALLYATAN AMBUJAKSHAN, 309 ITR 113 1; IV) CIT VS. NAGESH DEVIDAS KULKAR, 291 ITR 407 V) CIT VS.G,.V. VENUGOPAL, 273 ITR 307 VI) CIT VS. M. ABDULKARI, 311 ITR 162; VII) CIT & OTHERS VS. P. SURENDRA PRABHU, 279 ITR 402 VIII) SHRI K.AMBALAKAN VS. STATE BANK OF INDIA, WRIT PETI TION NO.5508 (KAR) IX) STATE BANK OF TRAVANCORE VS. CBDT, 282 ITR 587 (KER ) X) CIT VS. S. SUNDER & OTHERS, 284 ITR 616 (MAD); XI) CIT VS. J. RAMAMANI, 286 ITR 616 (MAD) XII) DCIT VS. KRISHNA GOPAL SAHA, 125 TTJ (KOL) (TM) 577 ; 121 ITD 368 XIII) SHRI PETRIC F. BRITTO & OTHERS VS. ITO, ITA NO.4493 /MUM/2006 NO CONTRARY DECISION IS BROUGHT TO OUR KNOWLEDGE BY THE REVENUE. THEREFORE, WE RESPECTFULLY FOLLOWING THE ABOVE DECISIONS, DIRE CT THE AO TO GRANT THE EXEMPTION UNDER SECTION 10(10C) OF THE ACT AMOUNTIN G TO RS.5,00,000/-. 4. IN THE RESULT, THE ASSESSEES APPEALS IS ALLOWED . ORDER PRONOUNCED IN OPEN COURT ON 6 TH AUGUST, 2010. SD/- SD/- (MAHAVIR SINGH) JUDICIAL MEMBER (G.D. AGARWAL) VICE-PRESIDENT PLACE : AHMEDABAD DATE : 06-08-2010 VK* COPY OF THE ORDER FORWARDED TO: 1) : APPELLANT 2) : RESPONDENT 3) : CIT(A) 4) : CIT CONCERNED 5) : DR, ITAT. BY ORDER DR/AR, ITAT, AHMEDABAD