Shri PL Raja Rajeswaran, Devakottai V. ACIT, Madurai

MA 122/CHNY/2010

• Counselvise Citation: [2010] 123 COUNSELVISE.COM (IT) 4862 (ITAT-CHENNAI)
• Duration Of Justice: 2 month(s) 25 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 17-09-2010
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 17-09-2010
• Assessment Year: 2004-2005
• Appeal Filed On: 22-06-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: S SRIDHAR SRI P B SEKARAN

Judgement Text

IN THE INCOMETAX APPELLATE TRIBUNAL: B- BENCH:CHENN AI (BEFORE SHRI ABRAHAM P. GEORGE. ACCOUNTA NT MEMBER AND SHRI GEORGE MATHAN, JUDICIAL MEMBER) MISC. APPLICATION NO.122/MDS/2010 (IN ITA NO.1765/ MDS/08 ASST. YEAR 2004-05 SRI.P.L.RAJA RAJESWARAN, 6, PL.S KOIL SOUTH STREET, DEVAKOTTAI, SIVAGANGA DIST. 630 3202 PAN ADQPR3470C VS THE ACIT, CIR.II MADURAI (APPLICANT) (RESPONDENT) APPLICANT BY: RESPONDENT BY: SRI S.SRIDHAR SRI P.B.SEKARAN, CIT-DR ORDER PER ABRAHAM P.GEORGE, ACCOUNTANT MEMBER IN THIS MISC. APPLICATION FILED BY THE ASSESSEE, I T SUBMITS THAT THE ORDER OF THE TRIBUNAL HAS TO BE RECALLED IN VIEW OF THE DECISION OF THE HONBLE APEX COURT ON SIMILAR ISSUE. MP NO 122/MDS/10 2 2. THE ISSUE IN THE APPEAL WAS REGARDING CLAIM OF T HE ASSESSEE FOR EXEMPTION UNDER SEC.10(10C) OF THE ACT. ASSESSEE WA S A RETIRED EMPLOYEE OF ICCI BANK, WHO HAD OPTED FOR EARLY RETI REMENT OPTIONAL SCHEME. THIS TRIBUNAL HAD RELIED ON THE DECISION OF THE HONBLE JURISDICTIONAL HIGH COURT IN THE CASE OF CIT VS. M. CHELLADURAI & ORS.(317 ITR 370) WHILE DISMISSING THE APPEAL OF T HE ASSESSEE. WE FIND THAT THE HONBLE APEX COURT HAS IN THE DECISION OF CHANDRA RENGANATHAN & ORS. V. CIT (CA 6997/7002 OF 2009 DATED 21-10-200 9) HELD THAT EMPLOYEES WHO HAD TAKEN EARLY RETIREMENT OPTIONAL S CHEME FROM RESERVE BANK OF INDIA TO BE ELIGIBLE FOR EXEMPTION UNDER SEC. 10(10C) OF THE ACT. THE HONBLE APEX COURT THUS UPHELD THE DEC ISION OF CIT VS. KOODATHIL KALLYATAN AMBUJAKSHAN (309 ITR 113) OF TH E HONBLE MUMBAI HIGH COURT. HONBLE MUMBAI HIGH COURT WAS CONSIDERI NG APPEAL AGAINST A TRIBUNAL ORDER WHERE AN ARRAY OF CASES INVOLVING CL AIM UNDER SEC.10(10C) WAS DECIDED IN FAVOUR OF THE ASSESSEE. IN VIEW OF THE ABOVE, WE ARE OF THE OPINION THAT THERE IS A MISTAKE APPARENT IN THE ORD ER OF THIS TRIBUNAL ON ACCOUNT OF INTERVENING DECISION OF THE HONBLE APEX COURT, DIRECTLY ON THE ISSUE. HENCE WE ARE RECALLING THE ORDER OF THE TRIBUNAL AND THE APPEAL IS NOW FIXED FOR HEARING AFRESH ON 30-9-2010. THERE SHALL BE NO FURTHER MP NO 122/MDS/10 3 NOTICE ISSUED TO THE PARTIES. REGISTRY IS DIRECTE D TO FIX THE APPEAL ON 30- 9-2010 FOR FINAL HEARING. 3. MISC. APPLICATION OF THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT IMMEDIATELY AFTE R HEARING ON 17-9-2010. SD/- ( GEORGE MATHAN) SD/- (ABRAHAM P. GEORGE) JUDICIAL MEMBER ACCOUNTANT MEMBER CHENNAI: 20TH SEPTEMBER , 2010 CC: ASSESSEE/ ASSESSING OFFICER/ CIT(A)/ CIT/ D.R/ GU ARD FILE. NBR