https://www.taxtmi.com/caselaws?id=60253 The Tribunal dismissed the Revenue's appeal and upheld the assessee's claim for exemption of Rs. 5,00,000 under Section 10(10C) of the IT Act. Despite the Revenue's reliance on the Madras HC decision, which required compliance with Rule 2BA of the IT Rules, the Third Member sided with the dissenting opinion. The Third Member, referencing a jurisdictional HC decision, concluded that the provisions should be interpreted liberally and beneficially, allowing the exemption. Consequently, the majority decision favored the assessee, affirming the CIT(A)'s order. en-us Fri, 31 Jul 2009 00:00:00 +0530 Sat, 02 Dec 2023 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60253 The Tribunal dismissed the Revenue's appeal and upheld the assessee's claim for exemption of Rs. 5,00,000 under Section 10(10C) of the IT Act. Despite the Revenue's reliance on the Madras HC decision, which required compliance with Rule 2BA of the IT Rules, the Third Member sided with the dissenting opinion. The Third Member, referencing a jurisdictional HC decision, concluded that the provisions should be interpreted liberally and beneficially, allowing the exemption. Consequently, the majority decision favored the assessee, affirming the CIT(A)'s order. Case-Laws Income Tax Fri, 31 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60253