2018 (11) TMI 270

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.... J. This appeal by the Revenue is directed against the order passed by the Income Tax Appellate Tribunal, Madras 'B' Bench, dated 05.08.2008 in ITA No.2578/Mds/2007, for the Assessment year 2004- 05 2.Heard Mr.C.T.Murugappan, the learned counsel for the appellant and Mr.M.Swaminathan, the learned Counsel for the respondent/Revenue. 3.This Appeal has been admitted on 13.10.2008, on the f....

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....Reserve Bank of India and took Voluntary Retirement under the 'Optional Early Retirement Scheme' (OERS), framed by the Reserve Bank of India. In the return filed by the assessee for the assessment year 2004-05 she disclosed a total income of Rs. 14,25,698/- and claimed exemption under Section 10(10C) of the Act, to an extent of Rs. 5 lakhs, out of the compensation received under the OERS. ....

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.... directed against the order passed by the Madras High Court in several tax appeal cases where the question involved was with regard to the deduction available to the appellants under Section 10(10C) of the Incometax Act, 1961. The order of the Commissioner (Appeals)-IV, Chennai, relating to the assessment year 2004-05, was questioned before the Income-tax Appellate Tribunal, Chennai Bench, in ITA ....

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....dicated that the matter had been reviewed on the basis of the judgement of the Bombay High Court dated 04.07.2008, in the case of CIT v. Koodathil Kallyatan Ambujakshan [2009] 309 ITR 113 and it was held that amounts received by retiring employees of the RBI would be eligible for exemption under the aforesaid provisions of the Income-Tax Act. On behalf of the Union of India and the Commissioner of....