ITO, Karaikudi V. A.Solayappan, Karaikudi

ITA 1805/CHNY/2007

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 51997 (ITAT-CHENNAI)
• Duration Of Justice: 4 year(s) 3 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-10-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2004-2005
• Appeal Filed On: 10-07-2007
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: K GOPALAKRIS HNAN SRDR
• Assessee Lawyers: N QUADIR HOSEYN

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, CHENNAI BEFORE SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER AND SHRI GEORGE MATHAN, JUDICIAL MEMBER .. M.P. NO. 193/MDS/2011 (IN I.T.A. NO. 1805/MDS/2007) ASSESSMENT YEAR : 2004-05 SHRI A. SOLAIYAPPAN, 65-2, SWAMINATHA ASARI STREET, SEKKALAI, KARAIKUDI. PAN : ACZPS0179E (PETITIONER) V. THE INCOME TAX OFFICER, WARD I (3), KARAIKUDI. (RESPONDENT) I.T.A. NO. 1805/MDS/2007 ASSESSMENT YEAR : 2004-05 THE INCOME TAX OFFICER, WARD I(3), KARAIKUDI. (APPELLANT) V. SHRI A. SOLAIYAPPAN, 65-2, SWAMINATHA ASARI STREET, SEKKALAI, KARAIKUDI. (RESPONDENT) ASSESSEE BY : SHRI N. QUADIR HOSEYN, ADVOCATE REVENUE BY : SHRI K. GOPALAKRIS HNAN, SR-DR DATE OF HEARING : 21.10.02011 DATE OF PRONOUNCEMENT: 21.10.2011 O R D E R PER ABRAHAM P. GEORGE, ACCOUNTANT MEMBER : THROUGH THIS MISCELLANEOUS PETITION, ASSESSEE PLEA DS FOR RECALL OF ORDER DATED 14 TH AUGUST, 2008 OF THIS TRIBUNAL WHEREIN APPEAL FILED M.P. NO. 193/MDS/11 2 BY THE REVENUE WAS ALLOWED. THE ISSUE IN APPEAL WA S REGARDING CLAIM OF THE ASSESSEE FOR EXEMPTION UNDER SECTION 1 0(10C) OF INCOME-TAX ACT, 1961 (IN SHORT THE ACT), WITH RES PECT TO SUM RECEIVED ON VOLUNTARY RETIREMENT FROM ICICI BANK, W HICH WAS ALLOWED BY LD. CIT(APPEALS). THIS TRIBUNAL FOLLOWING THE D ECISION OF HON'BLE JURISDICTIONAL HIGH COURT IN THE CASE OF CIT V. M. CHELLADURAI (317 ITR 370), HAD DECIDED THE APPEAL IN FAVOUR OF REVENUE. 2. NOW BEFORE US, IT IS SUBMITTED THAT HON'BLE APEX COURT IN THE CASE OF SMT. CHANDRA RANGANATHAN V. CIT (326 ITR 49 ) REVERSED THE DECISION OF HON'BLE JURISDICTIONAL HIGH COURT IN TH E CASE OF M. CHELLADURAI (SUPRA), HENCE THE ORDER OF THIS TRIBUN AL REQUIRES TO BE RECALLED. 3. WE HAVE PERUSED THE ORDERS AND HEARD THE RIVAL C ONTENTIONS. WE FIND THAT THE DECISION RELIED ON BY THIS TRIBUNA L IN THE CASE OF M. CHELLADURAI (SUPRA) BY HON'BLE JURISDICTIONAL HIGH COURT HAS BEEN REVERSED BY HON'BLE APEX COURT AND THIS DECISION OF HON'BLE APEX COURT HAS BEEN FOLLOWED BY HON'BLE JURISDICTIONAL H IGH COURT IN THE CASE OF AN EMPLOYEE OF ICICI BANK, NAMELY, K.R. ALA GAPPAN REPORTED IN (332 ITR 517). THEREFORE, WE ARE RECALLING THE ORDER OF THIS M.P. NO. 193/MDS/11 3 TRIBUNAL AND RESTORING THE APPEAL. AS MENTIONED BY US, HON'BLE JURISDICTIONAL HIGH COURT IN THE CASE OF K.R. ALAGA PPAN (SUPRA) HAS HELD THAT EXEMPTION UNDER SECTION 10(10C) IS AVAILA BLE TO ICICI BANK EMPLOYEES ALSO, WHO HAD TAKEN VOLUNTARY RETIREMENT. IN VIEW OF THIS, THE RESTORED APPEAL OF THE REVENUE IS DISMISSED. 4. IN THE RESULT, MISCELLANEOUS PETITION FILED BY T HE ASSESSEE IS ALLOWED, AND THE ORDER IN THE APPEAL OF THE REVENUE IS RECALLED AND SUCH RECALLED APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT AFTER CONCLUSION OF HEARING ON 21.10.2011. SD/- SD/- (GEORGE MATHAN) (ABRAHAM P. GEORGE) JUDICIAL MEMBER ACCOUNTANT MEMBER CHENNAI, DATED THE 21 ST OCTOBER, 2011. KRI. COPY TO: (1) ASSESSEE (2) ASSESSING OFFICER (3) CIT(A) (4) CIT (5) D.R. (6) GUARD FILE