The ITO, Ward-2, Vapi V. Shri Manharbhai Namlabhai Patel, Valsad

ITA 1930/AHD/2011

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 80247 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-08-2014
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2008-2009
• Appeal Filed On: 03-08-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: B L YADAV

Judgement Text

, , , , B, IN THE INCOME TAX APPELLATE TRIBUNAL AT AHMEDABAD, B BENCH . .. . . .. . , !' !' !' !', , , , #$ %&'( #$ %&'( #$ %&'( #$ %&'(, , , , )* + ) ' )* + ) ' )* + ) ' )* + ) ' BEFORE S/SHRI G.C. GUPTA, VICE-PRESIDENT AND ANIL CHATURVEDI, ACCOUNTANT MEMBER) ITA NO.1930/AHD/2011 [ASSTT.YEAR : 2008-2009] THE ITO, WARD-2 VAPIL. /VS. SHRI MANHARBHAI NAMLABHAI PATEL 01, PANCHVATI SOCIETY MOGRAWADI, VASLAD. ( (( (-. -. -. -. / APPELLANT) ( (( (/0-. /0-. /0-. /0-. / RESPONDENT) + 1 2 )/ REVENUE BY : SHRI B.L. YADAV, SR.DR 4& 1 2 )/ ASSESSEE BY : SHRI RAJESH UPADHYAY 5 1 &(*/ DATE OF HEARING : 11 TH JULY, 2014 678 1 &(*/ DATE OF PRONOUNCEMENT : 08/08/2014 )9 / O R D E R PER G.C. GUPTA, VICE-PRESIDENT: THIS APPEAL BY THE REVENUE FOR THE ASSTT.YEAR 2008-2009 IS DIRECTED AGAINST TH E ORDER OF THE CIT(A). 2. THE ONLY GROUND OF THE APPEAL OF THE REVENUE IS AS UNDER: 1. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW THE LD.CIT(A) HAS ERRED IN DELETING THE ADDITION MADE O N ACCOUNT OF DISALLOWANCE OF EXEMPTION U/S.10(10C) OF THE ACT IN RESPECT OF EX- GRATIA RECEIPT OF RS.5,00,000/- WITHOUT APPRECIATIN G THE FACT THAT THE ASSESSEE IS NOT ELIGIBLE FOR SUCH EXEMPTION. ITA NO.1930/AHD/2011 -2- 3. THE LEARNED COUNSEL FOR THE ASSESSEE, AT THE OUT SET, SUBMITTED THAT THE ISSUE IS COVERED IN FAVOUR OF THE ASSESSEE WITH SER IES OF DECISIONS OF VARIOUS TRIBUNAL AND ALSO OF ITAT, AHMEDABAD IN ITO VS. SHRI NALIN NATWARLAL SHAH, ITA NO.122/AHD/2010 DATED 29.6.2012 , WHEREIN THE CLAIM OF EXEMPTION UNDER SECTION 10(10C) OF THE ACT WAS ALLOWED IN FAVOUR OF THE ASSESSEE. THE LEARNED DR COULD NOT C ONTROVERT TO THE SUBMISSIONS OF THE LEARNED COUNSEL FOR ASSESSEE. 4. WE HAVE CONSIDERED RIVAL SUBMISSIONS AND PERUSED THE ORDERS OF THE AO AND THE CIT(A). WE FIND THAT THE ONLY ISSUE IN THIS APPEAL OF THE REVENUE IS REGARDING EXEMPTION UNDER SECTION 10(10C ) OF THE ACT IN RESPECT OF EX-GRATIA AMOUNT OF RS.5,00,000/- RECEIVED BY THE ASSESSEE, AS PER THE VOLUNTARY RETIREMENT SCHEME OF THE STATE BA NK OF INDIA. THE ISSUE IS COVERED IN FAVOUR OF THE ASSESSEE WITH THE DECIS IONS OF THE TRIBUNAL INCLUDING THE DECISION IN ITO VS. SHRI NALIN NATWAR LAL SHAH (SUPRA) WHEREIN HELD THAT THE AMOUNT RECEIVED ON VOLUNTARY RETIREMENT AS PER EXIT OPTION SCHEME OF STATE BANK OF INDIA, WAS EXEMPT IN COME UNDER SECTION 10(10C) OF THE ACT. THE CIT(A) HAS FOLLOWED THE DE CISION OF THE HONBLE SUPREME COURT IN CHANDRA RANGANATHAN & ORS. VS. CIT , 326 ITR 49 (SC), AND DECIDED THE ISSUE IN FAVOUR OF THE ASSESS EE. ACCORDINGLY, THE GROUND OF THE APPEAL OF THE REVENUE, BEING WITHOUT ANY MERIT IS DISMISSED. 5. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSE D. ORDER PRONOUNCED IN OPEN COURT ON THE DATE MENTIONE D HEREINABOVE. SD/- SD/- ( %&'( %&'( %&'( %&'( / ANIL CHATURVEDI) )* + )* + )* + )* + /ACCOUNTANT MEMBER ( . .. . . .. . /G.C. GUPTA) !' !' !' !' /VICE-PRESIDENT