2007 (7) TMI 282

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....red by K. Raviraja Pandian J.- This tax case appeal has been filed by the Revenue against the order of the Income-tax Appellate Tribunal, "C" Bench, Chennai, dated December 30, 2005, made in I. T. A. No. 776/Mds/ 2004, for the assessment year 2001-02. The substantial question of law formulated for entertainment of the appeal is as follows : "Whether, on the facts and circumstances of the cas....

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....e assessee claimed exemption of Rs. 5 lakhs. As per the provisions of section 10(10C) of the Act, the balance ex gratia was admitted as income. However, while working out the tax payable on such income, the assessee claimed relief under section 89(1). 3. The Assessing Officer rejected the claim of the assessee for the relief under section 89(1) of the Act and completed the assessment by grantin....

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....cannot be legally sustainable. When a specific provision has been introduced for grant of exemption of the amounts received under the voluntary retirement scheme, it would no longer be available to the assessee to seek to go under the general clauses for the amount in excess of the exemption granted. The said provision of section 10(10C) has been introduced only for the benefit of the assessee who....

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....the relief under sections 10(10C) and 89(1) to the assessee, who voluntarily retired from service, was the subject-matter of consideration before the Division Bench of this court in the case of CIT v. G. V. Venugopal [2005] 273 ITR 307. In that case, the Division Bench has held that the notions of equity do not apply in taxing statutes. If the assessee is entitled to two different benefits on the ....