https://www.taxtmi.com/caselaws?id=185451 The appeal was allowed in favor of the Assessee, confirming the exemption under section 10(10C) for the amount received under the "Exit Option Scheme" of State Bank of India. The rejection of exemption by the CIT(A) was deemed unlawful based on the decision of a Co-ordinate Bench and a judgment of the Madras High Court, which supported the Assessee's claim for exemption. The court emphasized that if an assessee is entitled to benefits as per the statute, those benefits should be granted without considering notions of equity in taxing statutes. en-us Mon, 30 Aug 2010 00:00:00 +0530 Fri, 12 Aug 2016 18:52:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185451 The appeal was allowed in favor of the Assessee, confirming the exemption under section 10(10C) for the amount received under the "Exit Option Scheme" of State Bank of India. The rejection of exemption by the CIT(A) was deemed unlawful based on the decision of a Co-ordinate Bench and a judgment of the Madras High Court, which supported the Assessee's claim for exemption. The court emphasized that if an assessee is entitled to benefits as per the statute, those benefits should be granted without considering notions of equity in taxing statutes. Case-Laws Income Tax Mon, 30 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185451