2016 (6) TMI 645

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....of delay in filing the revised return of income for Assessment Year 200809, has been rejected. This, the Petitioner submits causes grave injustice and hardship, as the Petitioner's claim for exemption under Section 10 (10C) of the Act in respect of the amount received on voluntarily retirement from the State Bank of India (SBI), is not being examined. 2 The undisputed facts are as under: (a) The Petitioner had during the Assessment Year 200809, opted for the voluntarily retirement scheme (VRS) under Exit Option Scheme of the SBI. (b) On 31st July, 2008, the Petitioner filed her return of income, claiming that to the extent of Rs. 5,00,000/received by her on a retirement from the SBI under the Exit Option Scheme, is ....

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....ion recorded as under: " On the facts of the case, the submissions made by the assessee and also the report of the Assessing Officer, though the assessee is facing genuine hardship, even though various decisions have been made in favour of the assessee by various ITAT & High Court Orders, since no specific instruction is issued by the CBDT in the case of SBI employees, the application filed by the assessee u/s. 119(2)(b) of the I.T. Act, 1961 is hereby rejected." 5 It would, therefore, be noticed that the Principal Commissioner of Income Tax in the impugned order was satisfied that the Petitioner would face genuine hardship if the revised application is not entertained. However, same has been rejected on the ground that the CBDT....