R.Dakshayani, CHENNAI V. ITO, Thanjavur

ITA 1494/CHNY/2007

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 51866 (ITAT-CHENNAI)
• Duration Of Justice: 4 year(s) 3 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-09-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2004-2005
• Appeal Filed On: 28-05-2007
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SANJAY DESHMUKHSR
• Assessee Lawyers: R KUMAR
• Keywords: Benefit of exemption

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, CHENNAI BEFORE SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER AN D SHRI GEORGE MATHAN, JUDICIAL MEMBER .. M.A. NO. 170/MDS/2011 (IN ITA NO. 1494/MDS/2007) ASSESSMENT YEAR : 2004-05 SMT. R. DAKSHAYANI, 4, KALANJIAM GARDEN, THANJAVUR. [PAN : AAGPD3891G] V. THE INCOME-TAX OFFICER, WARD-I(3), THANJAVUR. (APPLICANT) (RESPONDENT) A N D I.T.A. NO. 1494/MDS/2007 ASSESSMENT YEAR : 2004-05 SMT. R. DAKSHAYANI, V. THE INCOME-TAX OFFICER, 4, KALANJIAM GARDEN, WARD-I(3), THANJAVUR. THANJAVUR. (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI R. KUMAR, ADVOCATE DEPARTMENT BY : SHRI SANJAY DESHMUKH,SR. AR DATE OF HEARING : 23-0 9-2011 DATE OF PRONOUNCEMENT : 23-09-2011 M.A. NO.170/MDS/2011 2 O R D E R PER GEORGE MATHAN, JUDICIAL MEMBER : THIS IS A MISCELLANEOUS PETITION FILED BY THE ASSE SSEE AGAINST THE ORDER OF THIS TRIBUNAL IN ITA NO. 1494/MDS/2007 DATED 04-09-2008 FOR THE ASSESSMENT YEAR 2004-05. 2. SHRI R. KUMAR, ADVOCATE REPRESENTED ON BEHALF OF THE ASSESSEE AND SHRI SANJAY DESHMUKH, SR. AR REPRESENTED ON BEHALF OF TH E REVENUE. 3. IT WAS SUBMITTED BY THE LEARNED AUTHORISED REPRE SENTATIVE OF THE ASSESSEE THAT IN THE MISCELLANEOUS APPLICATION THE ASSESSEE HAS PRAYED FOR RECALLING OF THE ORDER OF THE TRIBUNAL IN VIEW OF THE DECISION OF TH E APEX COURT IN THE CASE OF CHANDRA RANGANATHAN V. CIT IN CIVIL APPEALS 6997 TO 7002/2009 DATED 21-10- 2009 REPORTED IN 326 ITR 49 (SC) WHEREIN IT HAD BE EN HELD THAT THE EMPLOYEES WHO HAD TAKEN EARLY RETIREMENT UNDER THE EARLY RETI REMENT SCHEME FROM THE RBI ARE ELIGIBLE FOR EXEMPTION UNDER SECTION 10(10C) OF THE INCOME TAX ACT, 1961 (THE ACT FOR SHORT). IT WAS THE SUBMISSION THAT THE ASSESSEE WAS A RETIRED EMPLOYEE OF ICICI BANK, WHO HAD OPTED FOR EARLY RETI REMENT SCHEME AND CONSEQUENTLY IN VIEW OF THE DECISION OF THE HON'BLE SUPREME COURT IN THE CASE OF CHANDRA RANGANATHAN V. CIT, THE ASSESSEE WAS ENTITL ED TO THE BENEFIT OF EXEMPTION U/S 10(10C) OF THE ACT. IT WAS THE ALSO T HE SUBMISSION THAT THE DECISION OF THE HON'BLE JURISDICTIONAL HIGH COURT I N THE CASE OF CIT V. M. CHELLADURAI, REPORTED IN 317 ITR 370 (MAD), WHICH W AS AGAINST THE ASSESSEE, NOW M.A. NO.170/MDS/2011 3 STOOD OVERRULED BY THE DECISION OF THE JURISDICTION AL HIGH COURT IN THE CASE OF K.R. ALAGAPPAN AND OTHERS V. ASSISTANT COMMISSIONER OF I NCOME-TAX REPORTED IN 332 ITR 517 (MAD). IT WAS THE SUBMISSION THAT IN VIEW OF THE DECISION OF THE HON'BLE SUPREME COURT IN THE CASE OF CHANDRA RANGANATHAN V. CIT REPORTED IN 326 ITR 49 (SC) ALSO, THE ORDER OF THE CO-ORDINATE BENCH OF TH IS TRIBUNAL WAS ERRONEOUS AND CONSEQUENTLY WAS LIABLE TO BE RECALLED AND THE APPE AL ALLOWED. 4. IN REPLY, THE LEARNED DR VEHEMENTLY SUPPORTED TH E ORDER OF THE TRIBUNAL. IT WAS THE SUBMISSION THAT WHAT WAS BEING ASKED FOR WA S A REVIEW. IT WAS THE SUBMISSION THAT REVIEW WAS NOT POSSIBLE. 5. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS. AS IT IS NOTICED THAT THE DECISION OF THE HON'BLE JURISDICTIONAL HIGH COURT IN THE CAS E OF M. CHELLADURAI, REFERRED TO SUPRA, NOW STANDS OVERRULED BY THE DECISION OF THE HON'BLE JURISDICTIONAL HIGH COURT IN THE CASE OF A.R. ALAGAPPAN AND OTHERS, REF ERRED TO SUPRA, AS ALSO THE DECISION OF THE HON'BLE SUPREME COURT IN THE CASE O F CHANDRA RANGANATHAN, REFERRED TO SUPRA, WE ARE OF THE VIEW THAT THE DECI SION OF THIS TRIBUNAL IN THE ASSESSEES CASE DOES CONSTITUTE A MISTAKE APPARENT FROM THE RECORD WHICH IS REQUIRED TO BE RECTIFIED AND CONSEQUENTLY THE ORDER OF THIS TRIBUNAL IN ITA NO. 1494/MDS/2007 DATED 04-09-2008 STANDS RECALLED AND THE APPEAL OF THE ASSESSEE IN ITA NO. 1494/MDS/2007 STANDS ALLOWED AND THE ASS ESSING OFFICER IS DIRECTED TO GRANT THE ASSESSEE EXEMPTION UNDER SECTION 10(10C) OF THE ACT IN VIEW OF THE DECISION OF THE HON'BLE JURISDICTIONAL HIGH COURT I N THE CASE OF K.R. ALAGAPPAN AND M.A. NO.170/MDS/2011 4 OTHERS, REFERRED TO SUPRA AS ALSO THE DECISION OF T HE HON'BLE SUPREME COURT IN THE CASE OF CHANDRA RANGANATHAN, REFERRED TO SUPRA. IN THE CIRCUMSTANCES, THE MISCELLANEOUS APPLICATION FILED BY THE ASSESSEE STA NDS ALLOWED AND THE APPEAL OF THE ASSESSEE ALSO STANDS ALLOWED. 6. THE ORDER WAS PRONOUNCED IN THE COURT ON 23/09/2 011. SD/- SD/- (ABRAHAM P. GEORGE) (GEORGE MATHAN) ACCOUNTANT MEMBER JUDICIAL MEMBER CHENNAI, DATED THE 23 RD SEPTEMBER, 2011. H. COPY TO: ASSESSEE/AO/CIT (A)/CIT/D.R./GUARD FILE