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2014 (4) TMI 939 - ITAT MUMBAIRevision u/s 263 - Claim of exemption u/s 10(10C) of the Act – Compliance of provisions of Rule 2BA of the Rules - Assessee had taken Voluntary Retirement and had received compensation of Rs. 6.01 lacs – Held that:- The decision in Uma Subramanian & two others [2014 (3) TMI 801 - ITAT MUMBAI] followed - the view taken by the AO while allowing the claim of the assessee for exemption u/s.10(10C) in the assessments framed u/s.143(3) was a possible view and the CIT was not justified in treating the assessments as erroneous and prejudicial to the interest of revenue - as held in Dy. CIT v. Krishna Gopal Saha [2009 (7) TMI 173 - ITAT CALCUTTA-B] the assessee, who had exercised the option for retirement under the Scheme floated by the employer bank and had received the compensation from the employer bank, was entitled to exemption u/s.10(10C) even though the said scheme was not in conformity with the requirement of Rule 2BA - thus, the assessee was entitled to get benefit of the exemption provided u/s.10(10C) of the Act - the order of the FAA is reversed – Decided in favour of Assessee.
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