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TMI Blog2008 (8) TMI 786X X X X Extracts X X X X X X X X Extracts X X X X ..... employer-the Reserve Bank of India, under a scheme framed in the year 2003 called " Optional Early Retirement Scheme (OERS) 2003" . The assessees were employees of the Reserve Bank of India and had during the year retired under the Optional Early Retirement Scheme floated by the Reserve Bank of India. The assessees, in their returns of income for the assessment year 2004-05, claimed exemption un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid order, the assessees preferred appeals before the Commissioner of Income-tax (Appeals), who upheld the orders of the Assessing Officer and dismissed the appeals. The assessees preferred appeals to the Income-tax Appellate Tribunal, which allowed the appeals following the decision of this court in the case of Vaishali A. Shelal and Others in I. T. A. No. 6384/ MDS/06. The correctness of the sai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perused the materials available on record. In these cases the tax effect involved is admittedly less than Rs. 2 lakhs, which is the monetary limit prescribed by the CBDT for filing appeals before the High Court and it does not also fall within the exceptions provided for filing appeal before the High Court, even where the tax effect is less than Rs. 2,00,000. An issue similar to the issue in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal validity of the provisions of the Act are under challenge. The Revenue had not made out a case that the issue involved in the appeal before the Tribunal falls within the exceptions provided in the circular. It is also pertinent to note that the judgment in which one of us is a party, in the case of CIT v. Associated Electrical Agencies [2007] 295 ITR 496, in which, this court also relied ..... X X X X Extracts X X X X X X X X Extracts X X X X
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