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2012 (11) TMI 386 - ITAT KOLKATADenial of exemption under section 10(10C) - rectification u/s 154 - amount received by the appellant under the VRS scheme – Held that:- No doubt in a normal situation, so far as matters capable of two views being taken will be outside the ambit of section 154. However, right now, we are dealing with interpretation of section 10(10C) and so far as this interpretation is concerned, law laid down by Hon'ble Calcutta High Court is that an interpretation in favour of the assessee is to be adopted. The real question, therefore, is whether or not these decisions of Hon'ble jurisdictional High Court can be subject matter of rectification under section 154. The Assessing Officer disregarded Hon'ble jurisdictional High Court in the case of SAIL DSP VR Employees' Association, 1998 (2003 (2) TMI 46 - CALCUTTA HIGH COURT ), on the ground that this issue has already been decided in assessment order and, therefore, it cannot be reconsidered, even in the light of Hon'ble jurisdictional High Court's decision. learned CIT(A), on the other hand, referred to an aspect of the said decision. In our considered view, what ought to have been examined by the Assessing Officer was whether, in the light of the principles laid down by Hon'ble jurisdictional High Court, the interpretation canvassed by the assessee could be accepted as one of the possible views of the matter. That exercise has not been done. - AO directed to give relief. - Decided in favor of assessee.
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