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TMI Blog2013 (5) TMI 234X X X X Extracts X X X X X X X X Extracts X X X X ..... ad over several years does not mean that the relief is not in respect of a particular assessment year, thus assessee is eligible to claim simultaneous benefit under section 10(10C) as well as section 89(1) in respect of the compensation received under the voluntary retirement scheme – Further, it is well settled that if two reasonable interpretations of taxing statutes are possible, the one in favour of the assessee should be accepted. In favour of assessee. - I.T. A. No.961/AHD/2010 - - - Dated:- 4-1-2013 - Shri G. C. Gupta And Shri Anil Chaturvedi, A.M.,JJ. For the Petitioner : Mr. Rahulkumar Sr. D. R. For the Respondent : None. ORDER Per: Shri Anil Chaturvedi, A.M. This appeal is filed by the Revenue against the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TAT. Moreover, the Ld. CIT (A) has also ignored the circular F.No.200/34/2009-ITA.I dated 6-10-2009 of CBDT according to which employees of State Bank of Patiala addition State Bank of India are not eligible for deduction u/s. 10(10C) of the Income Tax Act, 1961. 6. The only effective ground is with respect to deduction u/s.10(10C) of the Income Tax Act. 7. During the course of assessment proceedings A.O. observed that the assessee had opted for voluntary retirement from State Bank of India under Exist Option Scheme and assessee has received Ex-gratia payment of Rs.7,29,852/- on which the assessee has claimed exemption u/s. 10(10C) of Rs.5 lakhs. A.O. was of the view that exemption u/s.10(10C) is available only if the scheme of volunta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 28-3-2007 disposed of all the appeals involving similar question of law and facts i.e. exemption amount received on OERS u/s. 10 (10C) in favour of the assessee. The view of Mumbai Benches has been followed by Chennai Bench in consolidated order in ITA No.471/Mds/06 and others, dated 30-4-2007 in which similar issues about OERS being exempt u/s. 10(10C) has been decided in favour of the assessee. In the case of the appellant, the facts are identical, I respectfully follow the decision of Hon ble ITAT Ahmedabad Bench-A and grant the relief to the appellant with a direction to the A.O. to allow the exemption u/s. 10(10C) of the Act for Rs.5,00,000/-. 9. Aggrieved by the order of CIT (A) the Revenue is now in appeal before us. 10. Be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... High Court in the case of CIT vs. Nagesh Devidas Kulkarni 291 ITR 407(Bom.) and CIT vs. Koodathi Kaliyatan Ambujaksan 219 CTR 80, decision of Hon ble Madras High Court in the case of CIT vs. G.V. Venugopal 273 ITR 307 (Mad.), CIT vs. S. Sunder Others 284 ITR 687, CIT vs. J. Ramamani 286 ITR 616 and CIT vs. M. Abdulkarim 311 ITR 162 and Hon ble Karnataka High Court in the case of CIT Others vs.P Surendra Prabhu 279 ITR 402 and Kerala High Court in the case of State Bank of Travancore vs. CBDT 282 ITR 587. The Ld. A.O. disallowed the deduction to the assessee observing that all the decisions relied upon by the assessee are of non-jurisdictional High Courts and there is no direct judgment of Hon ble Gujarat High Court. In appeal, the Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection with the termination of his employment. Hence, payment under the voluntary retirement scheme is covered by the word salary , which has been given a very wide definition in Sec. 17. Since the assessee is covered by Sec. 89, he will get both the benefits, which he has claimed for. Apart from the above, it is well-settled that if two reasonable interpretations of taxing statutes are possible, the one in favour of the assessee should be accepted. CIT vs. Naga Hills Tea Co. Ltd. 1973 CTR (SC) 329: AIR 1973 SC 2524 applied. 8. Further, in my considered opinion, if there is a decision on an issue of any High Court and there is no contrary decision of any other High Court, then in absence of the same, even if there is no decision on th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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