2015 (5) TMI 427

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....SRI. Y V RAVIRAJ, ADV. JUDGEMENT Mohan M. Shantanagoudar J.- The respondent-assessee is a retired employee of State Bank of India, Belgaum ; he filed his return of income on June 4, 2008, for the assessment year 2008-09 by declaring the total income of Rs. 6,94,390 ; during the said year, the assessee had exercised the option of voluntary retirement under the "exit option" scheme and claimed ex....

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.... Whether the Tribunal is justified in not considering the fact that the Commissioner of Income-tax (Appeals) has erred in ignoring e-circular on the 'exit option' scheme issued by the State Bank of India,' Corporate Centre, Mumbai, wherein, as per paragraph 10, it is clearly mentioned that no exemption of ex gratia from Income-tax under section 10(10C) of the Income-tax Act, 1961, is i....

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....tirement he was more than 40 years. The second exit option scheme of the State Bank of India was introduced to reduce the staff. It was just impossible to continue the new environment of computerisation applied to the workers and officers. The scheme has resulted in overall reduction of the employees. The assessee has furnished the declaration that he has not accepted any commercial employment in ....