The DCIT, Circle-15, Ahmedabad V. Shri Bahadursingh U.Jain, Ahmedabad

ITA 337/AHD/2011

• Counselvise Citation: [2011] 134 COUNSELVISE.COM (IT) 6356 (ITAT-AHMEDABAD)
• Duration Of Justice: 4 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-07-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2008-2009
• Appeal Filed On: 07-02-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: H K LAL
• Assessee Lawyers: IN PERSON

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH AHMEDABAD (BEFORE S/SHRI BHAVNESH SAINI, JM AND D. C. AGRAWAL , AM) ITA NO.337/AHD/2011 A. Y.: 2008-09 THE D. C. I., T., CIRCLE- 15, 4 TH FLOOR, NATURE VIEW BUILDING, ASHRAM ROAD, AHMEDABAD VS SHRI BAHADURSINGH U. JAIN, 904, KANCHANDEEP APARTMENT, S. M. ROAD, AMBAWADI, AHMEDABAD PA NO. ADDPJ 3441 J (APPELLANT) (RESPONDENT) APPELLANT BY SHRI H. K. LAL, DR RESPONDENT BY ASSESSEE IN PERSON O R D E R PER BHAVNESH SAINI: THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF THE LEARNED CIT(A)-XX I, AHMEDABAD DATED 02 ND NOVEMBER, 2010, FOR ASSESSMENT YEAR 2008-09, ON T HE FOLLOWING GROUNDS: 1. THE LEARNED CIT (A) HAS ERRED IN LAW AND ON FAC TS IN ALLOWING EXEMPTION U/S 10(10C) OF THE I. T. ACT OF RS.5,00,000/- RELYING ON HONBLE ITATS DECISIONS I N THE CASE OF PANDYA VINODCHANDRA BHOGALI VS ITO (133 ITJ 253) (AHD) AND DY. CIT VS. KRISHNA GOPAL (121 ITD 3 68) (KAL). 2. THE LD. CIT (A) HAS IGNORED THE CIRCULAR NO.F.MO.200/34/2009-ITA-I DATED 6.10.2009 OF CBDT ACCORDING TO WHICH EMPLOYEES OF STATE BANK OF PATIA LA AND STATE BANK OF INDIA ARE NOT ELIGIBLE FOR DEDUCT ION U/S 10(10C) OF THE INCOME-TAX ACT, 1961. ITA NO.337/AHD/2011 DY. CIT, CIRCLE-15, AHMEDABAD VS SHRI BAHADURSINGH U. JAIN 2 2. THE LEARNED CIT(A) NOTED THAT THE ISSUE INVOLVE D PERTAINS TO DISALLOWANCE OF EXEMPTION OF RS.5,00,000/- CLAIMED BY THE ASSESSEE U/S 10(10C) OF THE IT ACT IN RESPECT OF VRS AMOUNT RECEIVED BY HIM ON VOLUNTARY RETIREMENT FROM STATE BANK OF INDIA. T HE ONLY REASON GIVEN BY THE AO WHILE DISALLOWANCE EXEMPTION WAS TH AT EXIT OPTION SCHEME (VRS) OF STATE BANK OF INDIA DOES NOT SATISF Y THE GUIDELINES LAID DOWN IN RULE 2 BA OF THE IT RULES, 1962. THE L EARNED CIT(A) NOTED THAT THE ISSUE IS SQUARELY COVERED BY THE DEC ISION OF ITAT AHMEDABAD BENCH NOTED IN THE GROUNDS OF APPEAL. THE REFORE, THE ISSUE IS COVERED IN FAVOUR OF THE ASSESSEE. ADDITIO N WAS ACCORDINGLY DELETED. 3. THE DR ADMITTED THAT THE ISSUE IS COVERED IN FAV OUR OF THE ASSESSEE BY THE ABOVE DECISIONS OF THE TRIBUNAL. IN VIEW OF THIS WE DO NOT FIND ANY MERIT IN THE APPEAL OF THE REVENUE. SAME IS ACCORDINGLY DISMISSED. 4. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 05-07-2011 SD/- SD/- (D. C. AGRAWAL) ACCOUNTANT MEMBER (BHAVNESH SAINI) JUDICIAL MEMBER DATE : 05-07-2011 LAKSHMIKANT/- ITA NO.337/AHD/2011 DY. CIT, CIRCLE-15, AHMEDABAD VS SHRI BAHADURSINGH U. JAIN 3 COPY OF THE ORDER FORWARDED TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT CONCERNED 4. THE CIT(A) CONCERNED 5. THE DR, ITAT, AHMEDABAD 6. GUARD FILE BY ORDER D Y. REGISTRAR, ITAT, AHMEDABAD