2012 (11) TMI 1124

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....on O R D E R Per R.S. Padvekar, JM In this appeal, the assessee has challenged the impugned order of the CIT(A) - III, Pune dated 25th August 2011 for the A.Y. 2008-09. The assessee has taken the multiple Grounds, but the solitary issue which arises for our consideration is whether the assessee is entitled for basic exemption of Rs. 5,00,000/- u/s. 10(10C) of the Act from the amount of co....

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....he assessee by the decision of Hon'ble High Court of Bombay in the case of CIT Vs. Koodathil Kallyatan Ambujakshan, 219 CTR 80 (Bom). He further submitted that the decision in the case of CIT Vs. Koodathil Kallyatan Ambujakshan(Supra) has been accepted by the CBDT and to that extent, Circular is also issued by the CBDT. We find that the issues stand squarely covered in favour of the assessee by th....

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....urn of income for the A.Y. 2007-08. The assessee claimed exemption u/s. 10(10C) of the Act in respect of the Ex-gratia amount received from the Bank on his Voluntary Retirement. The said claim of exemption u/s. 10(10C) was rejected by the A.O. following the CBDT Circular F. No.200/34/2009-ITA.I, dated 8.10.2009. The A.O. denied the claim of the assessee u/Sec. 10(10C) of the Act. The assessee chal....