9911796707
TMI Blog2019 (4) TMI 969X X X X Extracts X X X X X X X X Extracts X X X X ..... Chennai [ 2009 (10) TMI 498 - SUPREME COURT OF INDIA] as held that amounts received by retiring employees of the RBI would be eligible for exemption under the aforesaid provisions of the Income Tax Act. On behalf of the Union of India and the Commissioner of Income Tax, the respondent herein, it was submitted that in view of the said Circular, the respondent herein, it was submitted that in view of the said Circular, the respondent would 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 Bank of India are concerned - Decided against revenue. - W.A.(MD) No.1030 of 2015 and 1012 to 1015 of 2018 And M.P.(MD) No.1 of 2015 And C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f in the case of S.Parthasarathy V. The Assistant Commissioner of Income Tax in Tax Case (Appeal) Nos.1210, 1217, 1249 and 1250 of 2009 decided by the Division Bench of this Court dated 23.12.2009, in which, it was held that such amount received on voluntary retirement by the assessee, the retiring employees would be exempted under Section 10(10C) of the Act. 4.The learned counsel for the Revenue however pointed out that in one of the S.L.P. filed before the Hon'ble Supreme Court by such assessee viz., M.Chelladurai Karaikudi Vs. Commissioner of Income Tax, Madurai in Civil Appeal No.51 of 2010 , while the appeal was dismissed by the Hon'ble Supreme Court, the questions of law were left open. On the core question, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e eligible for exemption under the aforesaid provisions of the Income Tax Act. On behalf of the Union of India and the Commissioner of Income Tax, the respondent herein, it was submitted that in view of the said Circular, the respondent herein, it was submitted that in view of the said Circular, the respondent would 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 Bank of India are concerned. Having regard to the above, the appeals succeed and are allowed. The impugned order passed by the High Court is set aside and that of the Tribunal is restored+. There will be no order as to costs. 6.In view of the aforesaid j ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
