2004 (10) TMI 544

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..... appeal by the assessee against the order dated 20-1-2004 of Commissioner of Income-tax (A), XXX, New Delhi relating to assessment year 2001-02. 2. The assessee is an individual who was employed in Bank of India and opted for voluntary retirement on 15-12-2000 under Voluntary Retirement Scheme of the Bank. The assessee received a sum of Rs. 7,76,850 as ex gratia payment under the Voluntary R .....

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..... the case of ITA v. Philip Shirodhar in ITA No. 75/Pnj./2003 for assessment year 2001-02. In that case the Bench considered the relevant circular and also relevant case law and held that amount received under Voluntary Retirement Scheme constitutes compensation for termination of service for the purposes of section 17(3). That as a result of assessee having received the amount which is being .....

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..... a relief cannot be ignored . 4. The ld. DR has simply relied the order of the ld. Commissioner of Income-tax (A). 5. In view of the decision of the ITAT, Panaji Bench, the issue stands covered in favour of the assessee. Respectfully following the same we allow the appeal of the assessee. The Assessing Officer is directed to give relief to the assessee in the light of the decision of the T .....

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