Shri Pramodray Harsukhlal Mehta, RAJKOT-GUJARAT V. The Income Tax Officer, Ward-4(3), RAJKOT-GUJARAT

ITA 413/RJT/2012

• Counselvise Citation: [2012] 120 COUNSELVISE.COM (IT) 0206 (ITAT-RAJKOT)
• Duration Of Justice: 2 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-09-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Next Hearing Date: 13-09-2012
• Assessment Year: 2008-2009
• Appeal Filed On: 21-06-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AVINASH KUMAR

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.413/RJT/2012. / ASSESSMENT YEAR 2008-09 PRAMODRAY HARSUKHLAL MEHTA, 'SANKALP', HARINAGAR MAIN ROAD, UNIVERSITY ROAD, RAJKOT-360005 PAN: ABZPM8305L ( * / APPELLANT) VS. THE INCOME TAX OFFICER WARD 4(3), AMRUTA ESTATE, M.G. ROAD, RAJKOT-GUJARAT +,* / RESPONDENT -. / ASSESSEE BY NONE . / REVENUE BY SHRI. AVINASH KUMAR . / DATE OF HEARING 13.9.2012 . / DATE OF PRONOUNCEMENT 14.09.2012 / / / / ORDER . .. . . . . . , , , , / T. K. SHARMA, J. M. THIS APPEAL BY THE ASSESSEE IS AGAINST THE ORDER DATED 22.5.2012 OF CIT(A)- III, RAJKOT CONFIRMING THE DISALLOWANCE OF EXEMPTION OF RS.5,00,00 0/- 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. ONLY ADJOURNMENT APPLICATION BY HIS SON VIZ MAU LIK PRAMODRAY MEHTA WAS FILED. IN THE GROUND OF APPEAL ITSELF THE ASSESSEE HAS MENTIONED THAT CONTROVERSY INVOLVED IN THIS APPEAL IS C OVERED IN HIS FAVOUR BY THE DECISION OF THE RAJKOT BENCH OF THE TRIBUNAL IN THE CASE OF SHRI YUSUFBHAI R GAZIYANI V/S ITO IN ITA NO.659/RJT/2010 (AY 2006-07) DATED ITA NO.413/RJT/2012. 2 11.6.2010. IN THIS VIEW OF THE MATTER, REQUEST FOR A DJOURNMENT IS REJECTED AND WE PROCEED TO DECIDE THE ASSESSEES APPEAL ON THE BASIS OF SUBMISSIONS OF THE LD.DR AND MATERIAL AVAILABLE ON RECOR D. 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.5,00,000/- 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 31. 7.2007. IN THE ASSESSMENT YEAR UNDER APPEAL, HE FILED RETURN OF INCOME DECLARING TOTAL INCOME AT RS.4,29,232/- AFTER CLAIMING EXEMPTION OF R S.5,00,000/- 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) IS THAT THIS SECTION IS NOT APPLICABLE TO THE PR ESENT CASE. HE FOUND THAT THE CASE OF THE ASSESSEE IS IDENTICAL TO THAT OF SHRI YUSUFBHAI R GAZIYANI V/S ITO (SUPRA) . IN THIS CASE, ON IDENTICAL FACTS, AFTER CONSIDERING VARIOUS CASES, IT HAS BEEN HELD THAT SHRI YUSU FBHAI R GAZIYANI IS ENTITLED TO EXEMPTION U/S 10(10C) OF T HE ACT. WE, THEREFORE, FOLLOWING THIS DECISION OF THE CO-ORDINATE BENCH OF THE TRIBUNAL IN THE CASE OF SHRI YSUFBHAI GAZIYANI (SUPRA) HOLD THAT THE A SSESSEE IS ENTITLED TO DEDUCTION OF RS.5,00,000/- U/S 10(10C) OF THE ACT AND DIRECT THE AO TO ALLOW THE SAME. ITA NO.413/RJT/2012. 3 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 14-09-2012. /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.