2012 (8) TMI 1023

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....patrao Patil ORDER Per R.S. Padvekar, JM In this appeal, the revenue has challenged the impugned order of CIT(A), Kolhapur dated 16.6.2011 for the A.Y. 2007-08. The revenue has taken following effective grounds in the appeal : "1. On the facts and in the circumstances of the case, the CIT(A), Kolhapur, failed to appreciate the fact that the employees opted for Exit option Scheme ....

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.... return 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....