https://www.taxtmi.com/caselaws?id=369792 The Supreme Court allowed the appeal, stating that compensation received by retiring employees of the Reserve Bank of India under the Optional Early Retirement Scheme is eligible for exemption under Section 10(10C) of the Income Tax Act. This decision was based on a circular from the Central Board of Direct Taxes clarifying the eligibility of retired RBI employees for the exemption. The judgment highlighted that subsequent circulars and a Bombay High Court judgment confirmed the eligibility of retired RBI employees for the exemption. Consequently, the appeals were allowed, setting aside the High Court's order and restoring that of the Tribunal, with no order as to costs. en-us Wed, 10 Oct 2018 00:00:00 +0530 Fri, 02 Nov 2018 13:47:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369792 The Supreme Court allowed the appeal, stating that compensation received by retiring employees of the Reserve Bank of India under the Optional Early Retirement Scheme is eligible for exemption under Section 10(10C) of the Income Tax Act. This decision was based on a circular from the Central Board of Direct Taxes clarifying the eligibility of retired RBI employees for the exemption. The judgment highlighted that subsequent circulars and a Bombay High Court judgment confirmed the eligibility of retired RBI employees for the exemption. Consequently, the appeals were allowed, setting aside the High Court's order and restoring that of the Tribunal, with no order as to costs. Case-Laws Income Tax Wed, 10 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369792