9911796707
TMI Blog2010 (1) TMI 961X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 10(10C) only refers to exemption claimed in any other assessment year. It is well set tled that every assessment year is a self-contained unit. The assessment year in question in the present case is 2001-02 and the exempt ion claimed is in respect of this assessment year, although the exemption granted u/s. 89(1) has been spread over several assessment years. The mere fact that the relief has been spread over several years, does not mean that the relief is not in respect of a particular assessment year. The word salary as defined in s. 17 includes any profit in lieu of salary, which has been defined in s. 17(3) to include any amount of compensation due or received by the assessee from his employer or former employer in connection ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssesses has received a sum of Rs.3,44,037/- under the head of Ex gratia Payment as a result of voluntary retirement from service and the said amount has been claimed exempted U/s. 10(10C)of the IT Act, 1961. 3 The Learned Assessing Officer further observed that it is further seen from the details furnished related to payment of Rs.3,44,037/-that the assessee was employee of SBI, Ahmedabad and he has applied for Voluntary retirement scheme framed By State Bank of India under the name and style of Exit-Option Scheme. Accordingly, he was paid ex-gratia payment of Rs.3,44,037/- under the above VRS Scheme. Where the Assessment order passed by ITO Mr. K.J. Bhatt that disallowed the Amount Receipt of VRS on the ground of that the scheme framed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing to Bombay High Court, Madras High Court, Karnataka High Court, Kerala High Court etc. which are mentioned above are all in favour of deduction allowable u/s 10(10C) of I.T. Act, 1961. 6 In the result, the appeal is allowed and AO is directed to give deduction u/s 10(10C) of the I.T. Act of Rs.3,44,037/-. 5 The Learned Departmental Representative supported the orders of the lower authorities. 6 None appeared on behalf of the assessee when the case was called for hearing and neither any adjournment application was fi led. The Bench was of the view that the appeal of the Revenue can be disposed of in absence of the assessee. Therefore, the appeal was decided considering the submissions of the Learned Departmental Representative and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee is entitled to two benefits on the plain language of statute, he has to be granted both those benefits. The second proviso to s. 10(10C) only refers to exemption claimed in any other assessment year. It is well set t led that every assessment year is a self-contained unit. The assessment year in quest ion in the present case is 2001-02 and the exempt ion claimed is in respect of this assessment year, al though the exempt ion granted under s. 89(1) has been spread over several assessment years. The mere fact that the relief has been spread over several years, does not mean that the relief is not in respect of a particular assessment year. The Tribunal has rightly pointed out that in the IT Act , there are several provisions granting twi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
