TaxTMI 
TaxTMI 
2014 (7) TMI 1134
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....er of the Assessing Officer by ignoring the clause by clause compliance of Rule 2BA submitted by the assessee. Being on merits of the compliance of sec.10(10C) the order of the CIT(A) should be quashed. 2. The Commissioner of Income-tax (Appeals) erred in holding that the employer has denied the benefit u/s 10(10C) to the employee when the facts and clauses contrary to this ere brought out to the notice showing a very clear intention of the employer to grant the benefit to Sec. 10(10C) to the employees. The order of the CIT(A) should be quashed. 3. The Commissioner of....
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....ata Tribunal special bench in the case of Krishna Gopal Saha (2009) 125 TTJ (KOL) (TM) (577). The order of the CIT(A) should be quashed. 8. The Commissioner of Income-tax (Appeals) failed to appreciate that the case is squarely covered the decision of Mumbai Tribunal in the case of Manasi Kulkarni ITA No.8766/Mum/2011 order dated 11.9.2013 of SEBI employees. The order of the CIT(A) should be quashed. 9. The Commissioner of Income-tax (Appeals) failed to appreciate that the case is squarely covered the decision of Kolkatta 'B' bench ITA No.1346 and others of 2011 in th....
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....nce number of months of service left. The tenure of the assessee with the Company was for 21.7 years and his age at time of retirement was 46.95 years and number of years left for retirement was 13 years. His eligible salary at time of retirement was Rs. 12,741 per month. Accordingly, amount specified under Rule 2BA was calculated as follows: -Three months salary for each completed year of service comes to Rs. 8,30,605 (Rs. 12,741x21.7x3) -Salary for the balance months of service was Rs. 19,94,623 (Rs. 12.741 x 12x 13) However, the actual amount paid to assessee un....
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....Income Tax Act 1961 read with Rule 2BA of the Income Tax Rules, 1962 up to an amount of Rs. 5,00,000/-(Rupees Five Lakhs only). The tax benefit referred to above would be available only to an assessee who has completed 10 years of service in the Company or 40 years of age and has not availed of benefit of similar Voluntary Retirement Scheme in the past. It has been a condition of the Scheme that the vacancy caused by voluntary retirement would not be filled up nor would the retiring Associate be employed in another unit or concern belonging to the Company. The ld. AR has further submitted that a reading of the clauses of the scheme reveals that the Scheme framed was in accordance with the provisions of section 10(10C) of the Income Tax Act.....
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....se of "Sale DSPVR Employees of the Association" (supra) has held that section 10(10c) was inserted in order to make voluntary retirement attractive so as to reduce human compliments for securing economic viability of certain companies. This has to be interpreted in a manner beneficial to the opted for retirement, even if there is any ambiguity. 7. We may observe that the section 10(10C) starts with the words "any amount received or receivable by an employee" whereas the rule 2BA clause 6 has prescribed as limit of such amount. It has been provided in first proviso to section 10(10C) that the schemes under this section are to be framed by the various institutes/companies in accordance with such guidelines as may be prescribed. A careful p....