ITO, Wd.-3(1), Nashik V. Shri Javerilal Dalichand Chhajed, Nashik

ITA 326/PUN/2010

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 56530 (ITAT-PUNE)
• Duration Of Justice: 1 year(s) 8 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-11-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 15-09-2011
• Assessment Year: 2007-2008
• Appeal Filed On: 25-02-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P L KOLI
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B , PUNE BEFORE SHRI I.C. SUDHIR, JUDICIAL MEMBER AND SHRI D. KARUNAKARA RAO, ACCOUNTANT MEMBER ITA NO. 326/PN/2010 (ASSTT. YEAR: 2007-08) INCOME TAX OFFICER APPELLANT WD. 3(1), NASHIK 2 ND FLOOR, INCOME TAX OFFICE, WANI HOUSE, MUMBAI AGRA ROAD, NASHIK 422 002 V. SHRI JAVERILAL DALICHAND CHHAJED, ... RESPONDENT HOUSE NO. 1179, DALHANS BUNGLOW, UGAON ROAD, @-NIFAD, DIST. NASHIK PAN : ACTPC2344L ASSESSEE BY : NONE DEPARTMENT BY : SHRI. P.L. KOLI DATE OF HEARING :15.9.11 DATE OF PRONOUNCEMENT: 08.11.11 ORDER PER I.C. SUDHIR, JM THE REVENUE HAS QUESTIONED THE FIRST APPELLATE ORD ER ON SEVERAL GROUNDS IMPUGNING ACTION OF THE LD CIT(A) IN ALLOWING THE A MOUNT OF RS. 5,00,000/- U/S. 10(10C) OF THE ACT AS EXEMPTION ON THE BASIS OF ORI GINAL RETURN OF INCOME FILED BY THE ASSESSEE. 2. WE HAVE HEARD THE LD. D.R. AND HAVE CONSIDERED H IS ARGUMENT AS WELL AS ORDERS OF THE AUTHORITIES BELOW. 3. THE ASSESSEE AN EMPLOYEE OF STATE BANK OF INDIA HAD CLAIMED EXEMPTION U/S. 10(10C) OF THE ACT IN RESPECT OF THE EX-GRATIA AMOU NT RECEIVED ON HIS VOLUNTARY RETIREMENT UNDER THE EXIT OPTION SCHEME. THE A. O UNDER THE ASSESSMENT FRAMED U/S. 143(3) R.W.S. 147 OF THE ACT DISALLOWED THE CLAIM ON THE BASIS THAT THE STATE BANK OF INDIA HAS CLEARLY MENTIONED IN EXIT SCHEME THAT EMPLOYEES WILL NOT GET ITA . NO 326/PN/2010 SHRI JAVERILAL DALICHAND CHHAJED A.Y. 2007-08 PAGE OF 3 2 EXEMPTION U/S. 10(10C) OF THE ACT. THE LD. CIT(A) HAS ALLOWED THE CLAIMED EXEMPTION FOLLOWING THE DECISION OF THE MUMBAI BENC H OF THE TRIBUNAL IN THE CASE OF MR. VILAS SUDAM SAVANT IN ITA NO. 6016/M/07, ORDER DATED 6.10.2008. IN THAT CASE, UNDER SIMILAR FACTS AND CIRCUMSTANCES, IT WAS HELD THAT EMPLOYEES WHO TOOK THE VOLUNTARY RETIREMENT UNDER THE EXIT OPTION SCHEME D ATED 29.4.2005 ANNOUNCED BY THE STATE BANK OF INDIA ARE ELIGIBLE FOR EXEMPTION U/S. 10(10C) OF THE ACT. IN THIS REGARD, MUMBAI BENCH OF THE TRIBUNAL HAS FOLLOWED T HE DECISION OF HONBLE JURISDICTIONAL MUMBAI HIGH COURT IN THE CASE OF CI T VS. KOODATHIL KALLYATAN IN INCOME TAX APPEAL NO. 53 OF 2008. THE TRIBUNAL HAS ALSO FOLLOWED ITS EARLIER DECISION IN THE CASE OF VAISALI A. SHELAR & ORS. VS . ACIT, 109 TTJ (MUM) 607. SINCE NO CONTRARY DECISION OF APPELLATE AUTHORITY HAS BEE N CITED BY THE DEPARTMENT BEFORE US, WE DO NOT FIND INFIRMITY IN THE FIRST APPELLATE ORDER ON THE ISSUE. THE SAME IS UPHELD. THE GROUNDS ARE THUS REJECTED. 4. IN RESULT, APPEAL IS DISMISSED. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 8 TH NOVEMBER 2011. SD/- SD/- ( D. KARUNAKARA RAO ) ACCOUNTANT MEMBER (I.C. SUDHIR ) JUDICIAL MEMBER PUNE, DATED THE 8TH NOVEMBER, 2011 US COPY OF THE ORDER IS FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT -II, NASHIK 4. THE CIT(A)-II, NASHIK ITA . NO 326/PN/2010 SHRI JAVERILAL DALICHAND CHHAJED A.Y. 2007-08 PAGE OF 3 3 5. THE D.R. B BENCH, PUNE 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL PUNE