2012 (8) TMI 987

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... filed by the assessee. It is directed against the order of ld CIT(A) dated 20.10.2011 for assessment year 2006-07. The assessee was working with State Bank of India. He took voluntary retirement under the Staff Supervising Exit Option Scheme offered by the bank. Along with other retirement benefits, he was paid ex gratia amounting to ₹ 5 lakhs under the said scheme and the assessee claimed t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... disallowance made by Assessing Officer and upheld by Ld CIT(A) is as per provisions of Act. 5. We have heard the rival submissions of both the parties and have gone through the material available on record. We observe from the case law relied upon by the Ld AR that Hon'ble Tribunal in this case had followed the Third Member decision in the case of DCIT v. Krishna Gopal Saha 121 ITD 368 (Cal.) .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... t was held that the provisions of section 10(10C) should be interpreted in a manner beneficial to the optee for voluntary retirement. Keeping in view the above judicial pronouncement and on the basis of case law relied upon by the Ld AR we are of the considered opinion that facts and circumstances of the present case are similar to the facts of the case relied upon by Ld AR. Respectfully following .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X