2011 (4) TMI 469

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..... and a perusal of Section 10(10C) clearly shows that the amount received by the employees of Public Sector Company or statutory authority is covered by exemption upto Rs.5 lacs. - the appeals are dismissed against the revenue and in favour of the assessee. - ITA No. 270 of 2009 - - - Dated:- 18-4-2011 - MR. JUSTICE ADARSH KUMAR GOEL., MR. JUSTICE AJAY KUMAR MITTAL, JJ. PRESENT: Ms. U .....

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..... mployer was not eligible for exemption u/s 10(10C) of the I.T. Act, 1961? 3. The respondent-assessee was an employee of Reserve Bank of India and opted for Voluntary Retirement Scheme during the year relevant to the assessment year 2004-05. The scheme was circulated by the Reserve Bank of India vide Circular No. 1 dated 11.8.2003. The assessee claimed exemption under Section 10(10C) of the Ac .....

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..... that the scheme was not in accordance with the requirements of Rule 2BA of the Rules and, therefore, exemption under Section 10(10C) was not applicable. 6. We are unable to accept the submission. 7. The matter with reference to the same scheme was examined by the Bombay High Court in Commissioner of Income-Tax v. NageshDevidas Kulkarni [2007] 291 ITR 407 (Bom) and decided against the reve .....

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