ACIT, CHENNAI V. Shri T.Arunachalam, CHENNAI

ITA 2579/CHNY/2007

• Counselvise Citation: [2010] 135 COUNSELVISE.COM (IT) 7876 (ITAT-CHENNAI)
• Duration Of Justice: 2 year(s) 10 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-11-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 08-11-2010
• Assessment Year: 2004-2005
• Appeal Filed On: 17-12-2007
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: PAH

Judgement Text

IN THE INCOMETAX APPELLATE TRIBUNAL: C- BENCH:CHENN AI (BEFORE SHRI ABRAHAM P. GEORGE. ACCOUNTA NT MEMBER AND SHRI GEORGE MATHAN, JUDICIAL MEMBER) ITA NO.2579 / MDS/07 ASST. YEAR 2004-05 THE ACIT, SAL. CIR.III, CHENNAI VS SHRI T.ARUNACHALAM, OLD NO.9, NEW NO.15 UMAPATHY ST. EXTN. WEST MAMBALAM, CHENNAI 600033 PANABYPA7191H (APPELLANT) (RESPONDENT) APPELLANT BY: RESPONDENT BY: SRI B.SRINIVAS NONE ORDER PER ABRAHAM P.GEORGE, ACCOUNTANT MEMBER IN THIS APPEAL OF THE REVENUE ITS GRIEVANCE IS THA T THE CIT(A) GRANTED THE ASSESSEE RELIEF UNDER SEC. 10(10C) OF THE INCOM E-TAX ACT, 1961 (THE ACT FOR SHORT) IN RESPECT OF THE AMOUNTS RECEIVED B Y THE ASSESSEE ON OPTING FOR EARLY RETIREMENT FROM ICICI BANK. 2. ACCORDING TO THE REVENUE, THE SCHEME OF ICICI BA NK FOR EARLY RETIREMENT WAS NOT IN ACCORDANCE WITH RULE2BA OF TH E INCOME-TAX RULES, 1962. 3. AS CLEAR FROM THE GROUND ITSELF, THE ISSUE RELAT ES TO EXEMPTION UNDER SEC. 10(10C) OF THE ACT ON AMOUNTS RECEIVED UNDER E ARLY RETIREMENT OPTION ITA NO 2579/MDS/07 2 SCHEME OF M/S ICICI BANK BY AN EMPLOYEE. IN OUR OPI NION, THIS ISSUE IS NO MORE RESINTEGRA. HONBLE APEX COURT IN THE CASE OF CHANDRA RANGANATHAN AND ANOTHER V. CIT (CA 6997/7002 OF 2009 DATED 21- 10-2009) HAS AFFIRMED THE ORDER OF HONBLE MUMBAI HIGH COURT IN THE CASE OF KOODATHIL KALLAYATAN AMBUJAKSHAN (309 ITR 113). IT IS ALSO NO TED THAT THE HONBLE MUMBAI HIGH COURT WAS DEALING WITH APPEALS RELATING TO RETIREMENT UNDER SUCH OPTION SCHEMES OF VARIOUS PERSONS AND SOME OF SUCH PERSONS INCLUDED PERSONS RETIRED FROM ICICI BANK. HENCE WE ARE OF THE OPINION THAT THE LD. CIT(A) WAS JUSTIFIED IN DIRECTING THE AO TO ALLOW ASSESSEE EXEMPTION OF ` 5 LAKHS UNDER SEC. 10(10C) OF THE ACT. NO INTEREF ERENCE IS REQUIRED. 4. APPEAL OF THE REVENUE STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT SOON AFTER HEAR ING ON 08-11- 2010. SD/- SD/- ( GEORGE MATHAN) (ABRAHAM P. GEORGE) JUDICIAL MEMBER ACCOUNTANT MEMBER CHENNAI: 8TH NOVEMBER, 2010 NBR CC: ASSESSEE/ ASSESSING OFFICER/ CIT(A)/ CIT/ D .R/ GUARD FILE.