2008 (9) TMI 577

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....ome-tax Act, 1961, against the common order of the Income-tax Appellate Tribunal, Madras, dated September 21, 2007 inI.T.A. No. 466/Mds./2006.   2. The facts of the case are as follows :   3. The assessment year is 2004-05. The assessee, who was an employee of the Reserve Bank of India, retired from service under the "Optional Early Retirement Scheme" floated by the Reserve Bank of....

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....onal Early Retirement Scheme does not fulfil the conditions laid down under rule 2BA and hence, the ex gratia paid under the Scheme does not qualify for exemption under section 10(10C), rejected the claim of the assessee. Against that order the assessee preferred an appeal before the Commissioner of Income-tax (Appeals) and the Commissioner of Income-tax (Appeals) upheld the order of the Assessing....

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....l come less than Rs. 2 lakhs, i.e., the monetary limit prescribed by the Central Board of Direct Taxes for filing appeals before the High Court and it does not also fall within the exceptions provided for filing appeal before the High Court, even where the tax effect is less than Rs. 2,00,000 under Circular F. No. 279/126/98-IT, dated March 27, 2000. Learned counsel appearing on either side fairly....

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....r of an adverse order, (iii) where prosecution proceedings are contemplated against the assessee, and (iv)where the constitutional validity of the provisions of the Act are under challenge.   7. The Revenue had not made out a case that the issue involved in the appeal before the Tribunal falls within the exceptions provided in the cir-cular.   8. It is also pertinent to note that t....