Shri Pandurang D. Darekar, Pune V. Income-tax Officer, Pune

ITA 1498/PUN/2011

• Counselvise Citation: 149824514 RSA 2011
• Duration Of Justice: 7 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-06-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2006-2007
• Appeal Filed On: 24-11-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ALOK MISHRA
• Section: 143(3); 147

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B, PUNE BEFORE SHRI SHAILENDRA KUMAR YADAV, JUDICIALMEMBER AND SHRI G.S. PANNU, ACCOUNTANT MEMBER ITA NO. 1498/PN/11 (ASSTT. YEAR: 2006-07) SHRI PANDURANG D DAREKAR, .. APPELLANT KUNDAN ESTATE, R H NO 8, KATE VASTI, PIMPALE SAUDAGAR PUNE 411 027 VS. INCOME-TAX OFFICER, .. RESPONDENT WD. 7(2) PUNE APPELLANT BY: SHRI M K KULKARNI RESPONDENT BY: SHRI ALOK MISHRA DATE OF HEARING : 26.06.2012 DATE OF PRONOUNCEMENT : 26.06.2012 ORDER PER G.S. PANNU, A.M .: THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF THE COMMISSIONER OF INCOME-TAX (APPEALS)-III, PUNE DATED 23 .8.2011 WHICH, IN TURN, HAS ARISEN FROM THE ORDER PASSED BY THE ASSESSING OFF ICER UNDER SECTION 143(3) READ WITH SECTION 147 OF THE INCOME-TAX ACT, 196 1, (IN SHORT THE ACT), PERTAINING TO THE ASSESSMENT YEAR 2006-07. 2. IN THIS APPEAL, THE SOLITARY ISSUE RAISED BY THE ASSESSEE IS WITH REGARD TO THE ACTION OF THE LOWER AUTHORITIES IN HOLDING THAT T HE ASSESSEE WAS NOT ENTITLED TO EXEMPTION OF RS 3,03,330/- UNDER SECTION 10(10C) OF THE ACT. THE ASSESSEE HAD RECEIVED EX GRATIA PAYMENT ON VOLUNTARY RETIREM ENT UNDER THE EXIT OPTION SCHEME (EOS) FLOATED BY THE STATE BANK OF INDIA IN RE SPECT WHICH EXEMPTION UNDER SECTION 10(10C) WAS CLAIMED BY THE ASSESSEE. THE AUT HORITIES BELOW HAVE DENIED THE CLAIM OF EXEMPTION ON THE GROUND THA T THE SCHEME IN QUESTION DOES NOT CONFORM TO THE GUIDELINES OF RULE 2BA OF INCOM E-TAX RULES, 1962 (IN SHORT THE RULES). THE AUTHORITIES BELOW HAVE ALSO REF ERRED TO CBDT INSTRUCTION DATED 6.10.2009 TO SUPPORT THAT THE EOS F LOATED BY THE STATE BANK OF INDIA WAS NOT ELIGIBLE FOR EXEMPTION UNDER SECTION 10(10C) OF THE ACT. 3. BEFORE US, IT WAS COMMON POINT BETWEEN THE PARTIES T HAT THE ISSUE INVOLVED IN THIS APPEAL IS IDENTICAL TO THAT CONSIDERED BY US IN ITA NO 12/PN/12 IN THE CASE OF SHRI JAGDISH RAGHUNATH EKTARE V. ITO, WD . 69(4), PUNE AND IN TERMS OF OUR ORDER OF EVEN DATE, THE MATTER HAS BEEN REMANDED BACK TO THE FILE OF THE ASSESSING OFFICER FOR THE DETAILED REASONING CONTA INED THEREIN. FOLLOWING THE PRECEDENT, WE SET ASIDE THE ORDER OF THE COMMISSIONER OF INCOME-TAX (APPEALS) AND RESTORE THE MATTER BACK TO THE FILE OF THE ASSESSING OFFICER WITH SIMILAR DIRECTIONS AS GIVEN IN THE CASE OF JAGDISH RAGHUNATH EKTARE (SUPRA). THE REGISTRY IS DIRECTED TO ENCLOSE WITH THIS ORDER A COPY OF THE ORDER IN THE CASE OF JAGDISH RAGHUNATH EKTARE (SUPRA) F OR READY REFERENCE. 4. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES AS ABOVE. DECISION PRONOUNCED IN THE OPEN COURT ON 26 TH DAY OF JUNE, 2012. SD/- SD/- (SHAILENDRA KUMAR YADAV) (G.S. PANNU) JUDICIAL MEMBER ACCOUNTANT MEM BER PUNE, DATED: 26 TH JUNE, 2012 B COPY TO:- 1) ASSESSEE 2) ITO WD 6(4) PUNE 3) THE CIT (A)-III PUNE 4) THE CIT-III PUNE 5) THE D R, B BENCH, I.T.A.T., PUNE. 6) GUARD FILE BY ORDER TRUE COPY SR.PS I.T.A.T., PUNE