9911796707
TMI Blog2018 (11) TMI 135X X X X Extracts X X X X X X X X Extracts X X X X ..... d that:- This very issue was considered by the Hon'ble Supreme Court in the case of Chandra Ranganathan vs. Commissioner of Income Tax [2009 (10) TMI 498 - SUPREME COURT OF INDIA] wherein as held in view of circular dated 8-5-2009, revenue agreed to allow the benefit of deduction to the appellants under section 10(10C) of the Income-tax Act, 1961, as far as the retired employees of the Reserve Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e case, the Income Tax Appellate Tribunal was right in law in holding that the appellant was not entitled to exemption under Section 10(10C) of the Income Tax Act, 1961, in respect of the amount received under the OERS of the Reserve Bank of India? 3.The assessee is an individual, who was employed in the Reserve Bank of India and took Voluntary Retirement under the 'Optional Early Retirem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... This very issue was considered by the Hon'ble Supreme Court in the case of Chandra Ranganathan vs. Commissioner of Income Tax [(2010) 195 Taxman 418 (SC) . The appeal filed by the assessee therein was allowed. The judgement of the Hon'ble Supreme Court reads as follows: 1. Leave granted. 2. These appeals are directed against the order passed by the Madras High Court in several ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ved by the employees of the RBI opting for Optional Early Retirement Scheme do no qualify for deduction under Section 10(10C) of the aforesaid Act. 3. During the course of hearing of these appeals, it was brought to our notice that by the subsequent letter dated 08.05.2009, issued by the Central Board of Direct Taxes, it was indicated that the matter had been reviewed on the basis of the judg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l be no order as to costs. 5.In the light of the above decision of the Hon'ble Supreme Court, the assessee is entitled to succeed in this appeal. Accordingly, the appeal filed by the assessee is allowed and the order passed by the Income Tax Appellate Tribunal is set aside and the Substantial Question of Law framed for consideration is answered in favour of the assessee. No costs. - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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