https://www.taxtmi.com/caselaws?id=335770 Where a binding Supreme Court ruling and a CBDT circular extend Section 10(10C) exemption to similarly placed retirees, procedural delay in filing a revised return under Section 139(5) should not by itself defeat the substantive benefit. The Madras HC treated the assessee's Early Retirement Option Scheme claim as covered by the relaxation power under Section 119, including Section 119(2)(c), to prevent genuine hardship, and held that relief could not be denied solely on limitation grounds. The result was recognition of the exemption and refund, while interest on the refund was declined. en-us Fri, 02 Dec 2016 00:00:00 +0530 Sat, 01 Apr 2017 14:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335770 Where a binding Supreme Court ruling and a CBDT circular extend Section 10(10C) exemption to similarly placed retirees, procedural delay in filing a revised return under Section 139(5) should not by itself defeat the substantive benefit. The Madras HC treated the assessee's Early Retirement Option Scheme claim as covered by the relaxation power under Section 119, including Section 119(2)(c), to prevent genuine hardship, and held that relief could not be denied solely on limitation grounds. The result was recognition of the exemption and refund, while interest on the refund was declined. Case-Laws Income Tax Fri, 02 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335770