2025 (6) TMI 827

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....No.89/Coch/2022, pertaining to the assessment year 2007-2008. 2. The brief facts necessary for the disposal of this Income Tax Appeal are as follows: The assessee, who was an employee of the State Bank of Travancore during the year 2006-2007 relevant to the assessment year 2007-2008 opted for the Exit Option Scheme (E.O.S) formulated by the employer. By way of the benefits under the E.O.S she received an amount of Rs. 10,25,690/- in that year. The assessee while filing a return of income for the assessment year 2007- 2008, returned an income of Rs. 7,37,250/-. The said return of income included income from salary as also income from house property. The return was processed under Section 143(1) and a refund (including interest thereon)....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....his appeal, which dismissed the appeal preferred by the assessee. The assessee is now before us, raising the following substantial questions of law: i) whether in the Learned Tribunal went wrong in disallowing exemption under Section 10(10C) of the Act? ii) Has not the I-earned Tribunal went wrong in disallowing the claim which was initially allowed in 2007 and later claimed in 2014? iii) Is not the appellant entitled for exemption under Section 10(10C) of the Act? 5. We have heard the learned Senior counsel Sri.George A Cherian, assisted by the learned counsel Smt.Latha Susan Cherian and Sri.Jose Joseph the learned standing counsel for the Income Tax Department. 6. On a consideration of the rival submission....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....es. (ii) The eligibility criteria specified in the "EOS" (clause 2) were officers who are over 45 years and below 58 years of age as on the date of application and (only) who have not been promoted to the next higher Grade/ Scale after availing one chance and were also superseded by their juniors. As per requirement (ii) prescribed in Rule 2BA all employees who have completed 40 years of age or has completed 10 years of service are eligible for V R S. Thus the eligibility criteria fixed in the "EOS" is markedly different and is not in consonance with the guidelines prescribed under Rule 2BА. (iii) The ex gratia payable under- "EOS" (Clause 4) was salary last drawn for 50% of service remaining up to the age of 60 year....