Mr. Naresh Sumatilal Sanghavi, RAJKOT-GUJARAT V. The Income Tax Officer, Ward-4(4), RAJKOT-GUJARAT

ITA 344/RJT/2012

• Counselvise Citation: [2012] 120 COUNSELVISE.COM (IT) 0188 (ITAT-RAJKOT)
• Duration Of Justice: 4 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-09-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Next Hearing Date: 27-09-2012
• Assessment Year: 2008-2009
• Appeal Filed On: 28-05-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AVINASH KUMAR
• Assessee Lawyers: WRITTEN SUBMISSIN
• Section: 10

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBULAL; RAJKOT BENCH, RAJKOT. . .. . . .. . , , , , . .. . . .. . , , , , $ $ $ $ BEFORE SHRI T. K. SHARMA, JM AND SHRI D. K. SRIVASTAV A, AM ITA NO.344/RJT/2012. / ASSESSMENT YEAR 2008-09 MR.NARESH SUMATILAL SANGHAVI, C/O P.H.PATEL & ASSOCIATES 709, DHANRAJNI, NR.HOTEL IMPERIAL PALACE, DR.YAGNIK ROAD, RAJKOT. PAN: AGBPS7089 ( * / APPELLANT) VS. THE INCOME TAX OFFICER WARD 4(4), AMRUTA ESTATE, M.G. ROAD, RAJKOT-GUJARAT +,* / RESPONDENT -. / ASSESSEE BY WRITTEN SUBMISSIN . / REVENUE BY SHRI. AVINASH KUMAR . / DATE OF HEARING 27.9.2012 . / DATE OF PRONOUNCEMENT 28.09.2012 / / / / ORDER . .. . . . . . , , , , / T. K. SHARMA, J. M. THIS APPEAL BY THE ASSESSEE IS AGAINST THE ORDER DATED 29.3.2012 OF CIT(A)- III, RAJKOT CONFIRMING THE DISALLOWANCE OF EXEMPTION OF RS.4,66,12 7/- U/S 10 (10C) OF THE INCOME TAX ACT, 1961 FOR THE ASSESSMENT YEAR 200 8-09. 2. AT THE TIME OF HEARING, NONE WAS PRESENT FROM THE SIDE OF THE ASSESSEE, HOWEVER, THE ASSESSEE FILED WRITTEN SUBMISSION. IN THE WRITTEN SUBMISSION GROUND OF APPEAL ITSELF THE ASSESSEE HAS MENTION ED THAT CONTROVERSY INVOLVED IN THIS APPEAL IS A SETTLED PROPOSIT ION OF LAW BY THE VARIOUS DECISIONS INCLUDING THE DECISION OF AHMEDABAD BENCH OF THE ITA NO.344/RJT/2012. 2 TRIBUNAL IN THE CASE OF PANDYA VINODCHANDRA BHOGILAL V/S ITO (2011) 44 SOT 73 AND HENCE THE ISSUE IS COVERED IN HIS FAVOUR OF THE ASSESSEE AND AGAINST THE REVENUE. 3. BEFORE US, THE LD.DR RELIED ON THE REASONINGS GIVEN BY THE AO AND THE LD. CIT(A) IN THEIR RESPECTIVE ORDER. HE SUBMITT ED THAT THE ASSESSEE IS NOT ENTITLED FOR DEDUCTION OF RS.4,66,127/- U/S 10(1 0C) OF THE ACT. 4. HAVING HEARD THE LD. DR, WE HAVE CAREFULLY GONE THROUGH THE ORDERS OF THE AUTHORITIES BELOW. THE FACTS OF THE C ASE OF THE ASSESSEE ARE THAT HE IS A EX-EMPLOYEE OF STATE BANK OF INDI A. HE TOOK VOLUNTARY RETIREMENT UNDER EXIT OPTION SCHEME OF THE BANK. IN THE ASSESSMENT YEAR UNDER APPEAL, HE FILED RETURN OF INCOME DECLARING TOTAL INCOME AT RS.2,33,610/- AFTER CLAIMING EXEMPTION OF R S.4,66,127/- U/S 10(10C) OF THE ACT. THIS WAS DISALLOWED BY THE AO. ON FURTHER APPEAL, THE LD. CIT(A) CONFIRMED THE SAID DISALLOWANCE. AGGRIE VED, THE ASSESSEE IS IN APPEAL BEFORE THE TRIBUNAL. 5. THE MAIN REASONS AS NOTED BY THE AO FOR DISALLOWING THE CLAIM U/S 10(10C) ARE THAT THIS SECTION IS NOT APPLICABLE TO TH E PRESENT CASE. WE FOUND THAT THE CASE OF THE ASSESSEE IS IDENTICAL TO THAT OF SHRI YUSUFBHAI R GAZIYANI V/S ITO IN ITA NO.659/RJT/2010 (AY 2006 -07) DATED 11.6.2010 DECIDED BY THIS BENCH OF TRIBUNAL IN WHICH TH E CLAIM OF THE ASSESSEE WAS ALLOWED BY THIS TRIBUNAL ON SIMILAR FACTS . I N THIS CASE, ON IDENTICAL FACTS, AFTER CONSIDERING VARIOUS CASES, IT HAS BE EN HELD THAT SHRI YUSUFBHAI R GAZIYANI IS ENTITLED TO EXEMPTION U/S 10 (10C) OF THE ACT. WE ALSO TAKING THE CONSISTENT VIEW IN THE SIMILARLY PLACE D APPEALS AND ALLOWED THE BENEFIT U/S 10(10C) OF THE ACT. WE, THER EFORE, FOLLOWING THIS ITA NO.344/RJT/2012. 3 DECISION OF THE CO-ORDINATE BENCH OF THE TRIBUNAL IN THE CASE OF SHRI YSUFBHAI GAZIYANI (SUPRA) HOLD THAT THE ASSESSEE IS ENTI TLED TO DEDUCTION OF RS.4,27,127/- U/S 10(10C) OF THE ACT AND DIRECT THE AO TO ALLOW THE SAME. 6. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS, THER EFORE ,ALLOWED. THIS ORDER IS PRONOUNCED IN THE OPEN COURT ON THE DAT E MENTIONED HEREINABOVE. SD/- SD/- ( .. / D. K. SRIVASTAVA) ( .. / T. K. SHARMA) / ACCOUNTANT MEMBER /JUDICIAL MEMBER 3/ ORDER DATE 28-09-2012. /RAJKOT SRL . .. . +4 +4 +4 [phone] / COPY OF ORDER FORWARDED TO:- 1. * / APPELLANT-, 2. +,* / RESPONDENT- 3. : / CONCERNED CIT. 4. :- / CIT (A). 5. 4 +, , / DR, ITAT, RAJKOT 6. / GUARD FILE. / BY ORDER , TRUE COPY. SENIOR PRIVATE SECRETARY , INCOME TAX APPELLATE TRIBUNAL, RAJKOT.