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TMI Blog2015 (2) TMI 395X X X X Extracts X X X X X X X X Extracts X X X X ..... 009. For these two reasons, we deem it proper to restore this issue back to the file of learned CIT(A) with the direction that the issue is required to be readjudicated in the light of the order of Hon'ble ITAT 'B' Bench Ahmedabad or any other order of the Tribunal as also the CBDT instructions. - Decided in favour of revenue for statistical purposes. - ITA No. 2045/Ahd/2011 - - - Dated:- 5-9-2014 - Mukul Kr. Shrawat, JM And N. S. Saini, AM,JJ. For the Appellant : Shri V. K. Singh, Sr. DR For the Respondent : Shri Parimal Sinh B. Parmar, AR ORDER Per Shri Mukul Kumar Shrawat, Judicial Member This is an Appeal filed by the Revenue arising from the order of the ld. CIT(Appeals)-Valsad, dated 21/06/2011. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oncluded that the assessee is entitled to relief u/s.89 in respect of ex-gratia payment received under the VRS over . above the exemption provided in Sec.10(10C). (ii) CIT vs. Nagesh Devidas Kulkarni Sons (2007) 291 ITR 407 (Bom.), where in it has been concluded that any amount received by the assessee on account of Voluntary Retirement, though as ex-gratia payment, is profit in lieu of salary covered u/s.173(3) and therefore, assessee is entitled to exemption u/s,10(10C) and also relief u/s.89(1) in respect of amount received in excess of ₹ 5,00,000/- on account of voluntary retirement. (iii) Vaishali A. Shelar Ors. Vs. ACIT Ors (2007) 109 TTJ (Mum) 607; (2008) 113 ITD 1, wherein it has been decided assessee an employe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the arguments advanced by the AR of the appellant are justified in terms of nature of amount received by the appellant and considering the decision of the Hon'ble Supreme Court in the case of Chandra Ranganathan Ors v/s. CIT 326 ITR 49(SC), the retiring employees of the Reserve Bank of India opting for Optional Early Retirement Scheme are eligible for exemption from income-tax u/s. 10(10C) of the Act. Thus, the appellant succeeds in this ground of appeal. 5. From the side of the Revenue, learned Sr.D.R., Sri V.K. Singh appeared and informed at the outset that the case law relied upon by learned CIT(A) was not applicable on the facts as also the scheme under which the said payment was granted to the assessee. He has also mentioned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ldas Anarkat Vs. ITO, Ward-3, Anand in ITA No.977/Ahd/2010, A.Y. 2007-08) order dated 27.07.2012 wherein the Respected Coordinate Bench has held as under: 6. We have heard both the sides. It has come to our notice that in respect of the said Scheme of the State Bank of India, a view has been taken by a Respected Coordinate Bench C in the case of ITO Vs. Shri Nalin Natwarlal Shah, bearing ITA No.122/Ahd/2010 for A.Y.2007-08 vide order dated 29.6.12, wherein it was held as under:- 3. Brief facts of the case are that assessee is an employee of S.B.I. He opted voluntarily retirement from SBI under exit option scheme of SBI on 01.05.2006. The assessee claimed exemption of ₹ 5,00,000/- u/s 10(10C) of the Act. The A.O. was of the vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 CTR 80, decision of Hon'ble Madras High Court in the case of CIT vs. G V Venugopal 273 ITR 307 (Mad), CIT vs. 5 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 Learned Assessing Officer disallowed the deduction to the assessee observing that 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 Learned Commissioner of Income-tax (Appeals) following the decisions of the High Courts relied upon by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under the voluntary retirement scheme is covered by the word 'salary', which has been given a very wide definition in s. 17. Since the assessee is covered by s. 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 the issue of the jurisdictional High Court, the decision re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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