2006 (6) TMI 84

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..... of India (RBI) - exemption under section 10(10C) with respect to ex gratia payment made to the employees denied on ground that scheme did not conform to the provisions of rule 2BA of the Income-tax Rules - assessees have filed appeals against the orders passed under section 154 and such appeals are pending. In this view of the matter, considering the availability of the adequate and effective alte .....

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..... of the Income-tax Act, 1961 is not allowable with respect to ex gratia payment made to the employees of the Reserve Bank of India who have opted to retire under the "Optional Early Retirement Scheme", since the scheme did not conform to the provisions of rule 2BA of the Income-tax Rules. The petitioner-association is also seeking directions against the Income-tax Department not to initiate actio .....

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