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TMI Blog2010 (7) TMI 76X X X X Extracts X X X X X X X X Extracts X X X X ..... for exemption u/s. 10(10C). - the employees of Reserve Bank of India who accepted Optional Early Retirement Scheme, are entitled for the benefit of Section 10(10C) of the Income Tax Act, 1961, the Tax Case (Appeal) stands allowed. - 532 OF 2010 and 1 of 2010 - - - Dated:- 13-7-2010 - CORAM: THE HONOURABLE Mr. JUSTICE F.M.IBRAHIM KALIFULLA and THE HONOURABLE Mr. JUSTICE M.M.SUNDRESH TAX ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see is under public sector?" 2. We need not examine the first question of law inasmuch as the second question of law which has been raised on merits, deserves acceptance. In this context, it is worthwhile to refer the Communication of the Government of India addressed to all Chief Commissioners of Income Tax, All Directors General of Income Tax and Director General (Legal Research), dated 8.5. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case of Commissioner of Income Tax Vs. Koociathil Kallyatan Ambujakshan (2008) 219 CTR (Bom) 80 has held that Optional Early Retirement Scheme of RBI satisfies all the conditions of Rule 2BA and amounts received by retiring employees thereunder were eligible for exemption u/s. 10(10C). That judgment has become final. 3. The matter has therefore been reviewed in the Board in view of the afore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndia, making it clear the employees of Reserve Bank of India who accepted Optional Early Retirement Scheme, are entitled for the benefit of Section 10(10C) of the Income Tax Act, 1961, the Tax Case (Appeal) stands allowed. The impugned order is set aside and the second question of law is answered in favour of the assessee. No costs. Consequently, connected miscellaneous petition is closed. (F.M ..... X X X X Extracts X X X X X X X X Extracts X X X X
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