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TMI Blog2012 (11) TMI 1124X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee has challenged the impugned order of the CIT(A) III, Pune dated 25th August 2011 for the A.Y. 2008-09. The assessee has taken the multiple Grounds, but the solitary issue which arises for our consideration is whether the assessee is entitled for basic exemption of ₹ 5,00,000/- u/s. 10(10C) of the Act from the amount of compensation received by him on his voluntary retirement as an emp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se of CIT Vs. Koodathil Kallyatan Ambujakshan, 219 CTR 80 (Bom). He further submitted that the decision in the case of CIT Vs. Koodathil Kallyatan Ambujakshan(Supra) has been accepted by the CBDT and to that extent, Circular is also issued by the CBDT. We find that the issues stand squarely covered in favour of the assessee by the decision of the Hon ble High Court in the case of CIT Vs. Koodathil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s. 10(10C) of the Act in respect of the Ex-gratia amount received from the Bank on his Voluntary Retirement. The said claim of exemption u/s. 10(10C) was rejected by the A.O. following the CBDT Circular F. No.200/34/2009-ITA.I, dated 8.10.2009. The A.O. denied the claim of the assessee u/Sec. 10(10C) of the Act. The assessee challenged the assessment order before the Ld CIT(A). The Ld CIT(A) foll ..... X X X X Extracts X X X X X X X X Extracts X X X X
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