https://www.taxtmi.com/caselaws?id=35004 The Court held that the retirement schemes of ICICI Bank and RBI did not comply with the criteria set out in rule 2BA of the Income-tax Rules, which are necessary for eligibility for deduction under section 10(10C) of the Income-tax Act. As a result, the Court set aside the Tribunal's decision and ruled in favor of the Revenue, denying the claimed deductions under section 10(10C) for both ICICI Bank and RBI employees. Compliance with both section 10(10C) and rule 2BA is required for employees to avail of the benefit, which was not met in this case. en-us Mon, 25 Feb 2008 00:00:00 +0530 Thu, 26 Nov 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35004 The Court held that the retirement schemes of ICICI Bank and RBI did not comply with the criteria set out in rule 2BA of the Income-tax Rules, which are necessary for eligibility for deduction under section 10(10C) of the Income-tax Act. As a result, the Court set aside the Tribunal's decision and ruled in favor of the Revenue, denying the claimed deductions under section 10(10C) for both ICICI Bank and RBI employees. Compliance with both section 10(10C) and rule 2BA is required for employees to avail of the benefit, which was not met in this case. Case-Laws Income Tax Mon, 25 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35004