THE ITO 26(1)(2), MUMBAI V. M/S. SHEENA SUVARNA, MUMBAI

ITA 4317/MUM/2008

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 1671 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 11 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-05-2010
• Appeal Filed By: Department
• Bench Allotted: J
• Next Hearing Date: 06-05-2010
• Assessment Year: 2004-2005
• Appeal Filed On: 19-06-2008
• Court: TRIBUNAL
• Department Lawyers: L K AGRAWAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH J BEFORE SHRI N.V. VASUDEVAN (JM) & PRAMOD KUMAR (AM) I.T.A.NO. 4317/MUM/2008 (ASSESSMENT YEAR : 2004-0 5) ITO 26(1)(2) SMT. K.G. MITTAL HOSPITAL BUILDING ROOM NO. 604, 6 TH FLOOR CHARNI ROAD MUMBAI-400 002. VS. MRS. SHEENA SUVARNA B/107, SUNGRACE RAHEJAVIHAR OPP. CHANDIVALI STUDIO POWAI MUMBAI-400 072. APPELLANT RESPONDENT PAN/GIR NO. : ABJPS0226L ASSESSEE BY : NONE DEPARTMENT BY : SHRI L.K. AGRAWAL ORDER PER N.V. VASUDEVAN, JM :- THIS IS AN APPEAL BY THE REVENUE AGAINST THE ORDER DATED 28.3.2008 OF LEARNED CIT(A)-XXVII, MUMBAI RELATING TO A.Y. 2004-05. 2. ONLY GROUND RAISED BY THE REVENUE READS AS FOLLO WS :- ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, LEARNED CIT(A) ERRED IN HOLDING THAT THE AMOUNT RECEIVED BY THE ASSESSEE UN DER OPTIONAL EARLY RETIREMENT SCHEME OF RESERVE BANK OF INDIA IS ELIG IBLE FOR EXEMPTION U/S. 10(10C) OF THE I.T. ACT. 3. THE ASSESSEE IS AN EX-EMPLOYEE OF RESERVE BANK O F INDIA AND HAS RETIRED UNDER OPTIONAL EARLY RETIREMENT SCHEME (OER S) DURING THE YEAR 2003. THE EX-GRATIA RECEIVED UNDER THE SCHEME WAS FULLY TAXED WITHOUT GIVING ANY DEDUCTION U/S.10(10C) AND SEC.89(1) OF T HE ACT. THE CIT(A) FOLLOWING THE DECISION OF MUMBAI BENCH IN THE CASE OF VAISHALI A. SHELAR IN ITA NO. 6384/M/06; AND 221 OTHERS VS. ACIT, ORDE R DATED 28.3.2007; HELD AS FOLLOWS: MRS. SHEENA SUVARNA 2 A) THAT THE ASSESSEE IN QUESTION IS ENTITLED FOR RELIE F U/S. 10(10C) OF THE ACT IN RESPECT OF THE SUMS RECEIVED UNDER THE OERS UPTO A SUM OF RS. 5 LAKHS. B) THE ASSESSEE IS ALSO ENTITLED TO RELIEF U/S. 89(1) OF THE ACT IN RESPECT OF THE SUMS WHICH ARE IN EXCESS OF THE EXEM PTION GRANTED. THE DECISION OF THE TRIBUNAL HAS SINCE BEEN APPROVE D BY THE HONBLE BOMBAY HIGH COURT IN THE CASE OF CIT VS. KOODATHIL KALLYATAN ITA NO.53 OF 2008 JUDGMENT DATED 4.7.2008. IN VIEW OF THE AB OVE, WE FIND NO MERITS IN THIS APPEAL BY THE REVENUE. 4. IN THE RESULT, APPEAL FILED BY THE REVENUE IS DI SMISSED. ORDER HAS BEEN PRONOUNCED ON 31 ST DAY OF MAY, 2010. SD/- (PRAMOD KUMAR) ACCOUNTANT MEMBER SD/- (N.V. VASUDEVAN) JUDICIAL MEMBER DATED : 31 ST MAY, 2010 COPY TO : 1. THE ASSESSEE 2. THE RESPONDENT 3. THE CIT(A)-CONCERNED. 4. THE CIT, CONCERNED. 5. THE DR CONCERNED, MUMBAI 6. GUARD FILE BY ORDER TRUE COPY ASSTT. REGISTRAR, ITAT, MUMBAI PS