9911796707
TMI Blog2015 (5) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... I as held by ITAT - Held that:- The object of enacting section 10(10C) of the Income Tax Act, 1961 was to reduce employees strength so that unwanted personnel could seek voluntary retirement thereby enabling the public sector to achieve the true object for which it was established. The guidelines for implementing the scheme under section 10(10C) are laid down in Rule 2BA of the Income Tax Rules, 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tedly. The two questions of law arising out of the Tribunal order dated 1st January, 2013, and for assessment year 2008-09 read as under: Whether on the facts and circumstances of the case and in law the Hon'ble ITAT is correct in not appreciating that the terms and conditions of Exit Option Scheme of RBI were different from the terms and conditions of Exit Option Scheme framed by SBI ? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C) are laid down in Rule 2BA of the Income Tax Rules, 1962. The Reserve Bank of India had formulated one Optional Early Retirement Scheme and the amounts paid under this scheme, therefore, were eligible for exemption. 4. The controversy raised was that there was no compliance with the Rules. It is that controversy which stands concluded by the Division Bench judgment of this Court and which eve ..... X X X X Extracts X X X X X X X X Extracts X X X X
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