2012 (6) TMI 811 - AT - Income Tax

Summary

Issues involved: Appeal against order of Commissioner of Income-tax (Appeals)-III, Pune u/s 143(3) read with section 147 of the Income-tax Act, 1961 for assessment year 2007-08.

Issue 1 - Exemption under section 10(10C) of the Act:
The appellant contested denial of exemption of &8377; 5,00,000/- u/s 10(10C) for ex gratia payment on voluntary retirement under the Exit Option Scheme (EOS) of State Bank of India. Authorities cited non-conformance to Rule 2BA of Income-tax Rules, 1962 and a CBDT Instruction dated 6.10.2009. The Tribunal found the issue identical to a previous case and remanded it back to the Assessing Officer for detailed reasoning, following precedent and setting aside the order of the Commissioner of Income-tax (Appeals). The appeal was allowed for statistical purposes.

Decision:
The Tribunal allowed the appeal and remanded the matter back to the Assessing Officer based on the precedent, directing to enclose a copy of the relevant order for reference.