9911796707
TMI Blog2018 (7) TMI 1731X X X X Extracts X X X X X X X X Extracts X X X X ..... arly Retirement Optional Scheme. Originally, the petitioner/assessee filed her return of income for the assessment year 2004-05 on 03.12.2004 admitting a total income of Rs. 10,19,201/- and it was processed under Section 143(1) of the Income Tax Act on 21.02.2005. Thereafter, she filed a revised return on 01.07.2005 admitting a total income of Rs. 5,19,207/- after claiming exemption under Section 10(10C) of the Income Tax Act to the tune of Rs. 5,00,000/-. However, the revised return filed by the petitioner/assessee was lodged by the Assessing Officer on 31.05.2007 for the reason that she has not complied with the provisions of Section 139(1) of the Income Tax Act and also it has been filed after completion of assessment under Section 143(1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clause (g) of section 3 of the Institutes of 4 Technology Act, 1961 (59 of 1961) ; or (viia) any State Government; or (viib) the Central Government; or (viic) an institution, having importance throughout India or in any State or States, as the Central Government may, by notification in the Official Gazette, specify in this behalf; or (viii) such institute of management as the Central Government may, by notification in the Official Gazette, specify in this behalf, On his voluntary retirement or termination of his service, in accordance with any scheme or schemes of voluntary retirement or in the case of a public sector company referred to in sub-clause (i), a scheme of voluntary separation, to the extent such amount does not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 56 (3 of 1956); or (vii) an Indian Institute of Technology within the meaning of clause (g) of section 3 of the Institutes of Technology Act, 1961 (59 of 1961); or (viia) an institution, having importance throughout India or in any State or States, as the Central Government may, by notification in the Official Gazette, specify in this behalf; or (viii) such institute of management as the Central Government may, by notification in the Official Gazette, specify in this behalf, at the time of his voluntary retirement or voluntary separation shall be exempt under clause (10C) of section 10 only if the scheme of voluntary retirement framed by the aforesaid company or authority or co-operative society or University or institute, as th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ule 2BA of the Income Tax Rules, 1962. 6. According to the Income Tax Department, Voluntary Retirement Scheme issued by the ICICI Bank is not in conformity with the Rules. Therefore, the employees are not entitled to any exemption under Section 10(10C) of the Income Tax Act, 1961 (hereinafter referred to as "the Act"). 7. The said Voluntary Retirement Scheme was put to judicial scrutiny in view of Rule 2BA of the Income Tax Rules, 1962. There were different views by various High Courts. Ultimately, in the judgment of Commissioner of Income Tax vs. Koodathil Kallyatan Ambujakshan (2008) 219 CTR (Bom) 80, the Bombay High Court dealt with Voluntary Retirement Scheme framed by RBI and held that the exemption under Section 10(10C) of the Act w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le Division Bench of this Court in Tax Case (Appeal) Nos.1210, 1217, 1249 and 1250 of 2009, dated 23.12.2009 [Mr.S.Parthasarathy vs. The Assistant Commissioner of Income Tax Salary Circle III, Chennai-34], has held that if the tax effect is below Rs. 2,00,000/-, which has been prescribed as a monetary limit by the circular of the Central Board of Direct Taxes in Instruction No.2/2005, dated 24.10.2005, the Department need not have to file an appeal to the Tribunal and the Tribunal also has not taken the circular into consideration and hence set aside the impugned demands. 10. In the instant case also, the impugned notice specifies the sum of Rs. 1,78,953/- for the assessment year 2004-2005. As per Section 10(10C) of the Act, the individual ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Others vs. ACIT in W.P. (MD)Nos.3986 to 3997, 4145 to 4157, 6523, 6569 to 6587, 6964 to 6976 of 2007 is related to employees of ICICI Bank. Even otherwise, the benefit applicable to all the public sector and other companies' employees is applicable to the petitioner also. Section 10(10C) of the Act and Rule 2BA of the Income Tax Rules, 1962, do not specifically apply to RBI alone. Therefore, the benefit is applicable to the petitioner also. Further, the revisional authority has condoned the delay in filing the revised return. Circular No.14(XL35) of 1955, dated 11.04.1955 mandates that the tax payers have to be guided by the assessing officers in the matter of claims and reliefs. Only because an assessee files a return and pays excess t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
