Smt. Anupama R. Agashe, Pune V. Income-tax Officer, Pune

ITA 1485/PUN/2011

• Counselvise Citation: [2012] 119 COUNSELVISE.COM (IT) 9827 (ITAT-PUNE)
• Duration Of Justice: 11 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-11-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2007-2008
• Appeal Filed On: 23-11-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S K SINGH

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B , PUNE BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI R.S. PADVEKAR, JUDICIAL MEMBER ITA NO. 1485/PN/2011 (ASSTT. YEAR : 2 007-08) SMT. ANUPAMA R. AGASHE, APPELLANT FLAT NO. 108, BUILDING NO. 6, VED VIHAR SOCIETY, NEAR VED BHAVAN, PAUD ROAD, PUNE 411 038 PAN AAVPA6655J V. INCOME TAX OFFICER RESPONDENT WARD 7 (2),PUNE APPELLANT BY : SHRI. M.K. KULKARNI RESPONDENT BY : SHRI. S .K. SINGH DATE OF HEARING : 14/11/ 12 DATE OF PRONOUNCEMENT : 21-11-12 O R D E R PER R.S. PADVEKAR, JM THIS APPEAL IS FILED BY THE ASSESSEE CHALLENGING THE IMPUGNED ORDER OF THE LD. CIT(A) III, PUNE DATED 19 TH AUGUST 2011 FOR THE A.Y. 2007-08 BY TAKING THE MULTIPLE GROUNDS. THE SOLE ISSUE INVOLVED IN THIS CASE IS THE DENIAL OF THE EXEMPTION CLAIMED BY THE ASSESSEE U/S. 10(10C) OF THE ACT IN RESPECT OF EX-GRATIA AMOUNT RECEIVED BY THE ASSESSEE FROM HER EMPLOYER UNDER THE EXIT OPTION SCHEME. 2. WE HAVE HEARD THE PARTIES. THE ASSESSEE WAS THE EMPLOYEE OF THE STATE BANK OF INDIA. THE ASSESSEE OPTED FOR THE VO LUNTARY RETIREMENT UNDER THE EXIT OPTION SCHEME DECLARED BY THE STATE BANK OF INDIA TO ITS EMPLOYEES. UNDER THE SAID SCHEME, THE EMPLOYEES WER E OFFERED COMPENSATION IF THEY OPTED FOR VOLUNTARY RETIREMENT . AS THE ASSESSEE OPTED FOR VOLUNTARY RETIREMENT UNDER THE EXIT OPTIO N SCHEME AND THE ASSESSEE WAS PAID COMPENSATION BY THE EMPLOYER BAN K. THE ASSESSEE CLAIMED THE EXEMPTION U/S. 10(10C) OF THE ACT WHICH WAS REJECTED BY THE A.O AS WELL AS THE LD CIT(A). NOW THE ASSESSEE IS IN APPEAL BEFORE US. 3. THE LD COUNSEL SUBMITTED THAT THE ISSUE IS SQUAR ELY COVERED BY THE DECISION OF HONBLE HIGH COURT OF BOMBAY IN THE CAS E OF CIT VS. KOODATHIL 2 ITA NO. 1485/PN/2011 SMT. ANUPAMA R. AGASHE A.Y.2007-08 KALLYATAN AMBUJAKSHAN, 219 CTR 80 (BOM). HE FURTHE R SUBMITTED THAT THE DECISION IN THE CASE OF CIT VS. KOODATHIL KALL YATAN AMBUJAKSHAN(SUPRA) HAS BEEN ACCEPTED BY THE CBDT AND TO THAT EXTENT, CIRCULAR IS ALSO ISSUED BY THE CBDT. WE FIND THAT THE ISSUES STAND SQUARELY COVERED IN FAVOUR OF THE ASSESSEE BY THE D ECISION OF THE HONBLE HIGH COURT IN THE CASE OF CIT VS. KOODATHIL KALLYAT AN AMBUJAKSHAN (SUPRA). MOREOVER, ON THE IDENTICAL SET OF FACTS IN THE CASE OF OTHER ASSESSEES, THE ITAT PUNE BENCH HAS DECIDED THIS ISS UE IN FAVOUR OF THE ASSESSEE. IN THE CASE OF ITO WARD 2(2) V/S. SHRI V IJAY GANPATRAO PATIL, ORDER DATED 29 TH AUGUST 2012, THE ITAT A BENCH HAD ALLOWED THE CL AIM TO THE SAID ASSESSEE WHO WAS THE EMPLOYEE OF THE ST ATE BANK OF INDIA AND OPTED FOR THE VOLUNTARY RETIREMENT SCHEME UNDE R THE EXIT OPTION SCHEME DECLARED BY THE EMPLOYER BANK. THE OPERATIVE PART OF THE SAID DECISION IS AS UNDER : 2. BRIEFLY STATED FACTS ARE AS UNDER. THE ASSESSE E 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. 4. MOREOVER, AS RIGHTLY SUBMITTED BY THE LD COUNSEL , THE BOARD HAS ACCEPTED THE DECISION OF THE HONBLE HIGH COURT OF BOMBAY IN THE CASE OF KOODATHIL KALLYATAN AMBUJAKSHAN (SUPRA) AND HAS ISS UED THE CIRCULAR TO THAT EFFECT. WE, THEREFORE, ALLOW THE APPEAL FILED BY THE ASSESSEE AND DIRECT THE A.O TO ALLOW EXEMPTION AS PROVIDED U/S. 10(10C) OF THE ACT. 3 ITA NO. 1485/PN/2011 SMT. ANUPAMA R. AGASHE A.Y.2007-08 5. IN THE RESULT, ASSESSEES APPEAL IS ALLOWED. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 21ST NOVEMBER 2012. SD/- SD/- (G.S. PANNU) ACCOUNTANT MEMBER (R.S.PADVEKAR ) JUDICIAL MEMBER PUNE, DATED THE 21ST NOVEMBER, 2012 US COPY OF THE ORDER IS FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT-IV, 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