TMI Blog2021 (1) TMI 924X X X X Extracts X X X X X X X X Extracts X X X X ..... Patel, invited the attention of this Court to the certain averments made in the Affidavit in Rejoinder, writ applicant has tried to explain as above that it was an inadvertent mistake in labeling the application as a writ petition rather than a revision petition. We need not go into any further debate in this regard as the law has now been well settled by the Supreme Court in S. PALANIAPPAN VERSUS INCOME TAX OFFICER, CHENNAI [ 2015 (10) TMI 405 - SUPREME COURT] This writ application succeeds.Writ applicant is entitled to claim exemption under Section 10 (10 C) of the Act, 1961 for the amount received from the ICICI Bank Ltd. at the time of his voluntary retirement under the scheme, in accordance with law. - R/SPECIAL CIVIL APPLICATIO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . It is his case that, at the relevant point of time, he was under the impression that he was not entitled to claim any deduction under Section 10 (10 C) of the Act, 1961 for the return of income. The case was selected for scrutiny and ultimately, the order under Section 143 (3) of the Act came to be passed on 01.12.2006. In the meantime, one litigation came up before the Supreme Court in the case of S. Palaniappan Vs. Income Tax Officer, Chennai (Civil Appeal No.4411/2010, decided on 28.09.2015. The said order reads thus: The appellant /assessee was an employee of ICICI Bank He sought voluntary retirement under the Early Retirement Option (ERO), 2003 Scheme. Accepting his request his employer viz. ICICI Bank retired him from service a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entitled to exemption under Section 10 (10 C) of the Income Tax Act and as a result, he will also be entitled to the refund of the aforesaid amount. 4. Thus, a similarly situated employee of the ICICI Bank Ltd. succeeded before the Supreme Court in seeking a declaration that he was entitled to the exemption under Section 10 (10 C) of the Act, 1961. It appears that, relying on the dictum as laid by the Supreme Court, the writ applicant preferred an application dated 02.12.2017 addressed to the Principal Commissioner of Income Tax 4, Vadodara, seeking to the claim exemption under Section 10 (10 C) of the Act, 1961 for the A.Y. 2004 05. The said application came to be rejected by the Principal Commissioner vide communication dated 07.12. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicant had not claimed the exemption in his return of income for the year under consideration, he can always claim later in point of time. So far as the second ground on which the claim came to be rejected, Mr. Darshan Patel, invited the attention of this Court to the certain averments made in the Affidavit in Rejoinder, more particularly, the averments made in paras 4 and 5 thereof. The same reads thus: 4. In para 6 and 7 of the affidavit in reply filed by the respondent, it is stated by the respondent that the assessee has not filed any revision petition and it is simply a letter dated 12.07..2017. In this connection, the petitioner respectfully submits that the petitioner had filed the revision petition on 13.07.2017 vide petiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... than a revision petition. We need not go into any further debate in this regard as the law has now been well settled by the Supreme Court in the order referred to above. 11. In such circumstances, this writ application succeeds. The impugned orders dated 07.12.2017 (at Annexure E) and 01.06.2018 (at Annexure G) respectively are hereby quashed. It is declared that the writ applicant is entitled to claim exemption under Section 10 (10 C) of the Act, 1961 for the amount of ₹ 5,00,000/ received from the ICICI Bank Ltd. at the time of his voluntary retirement under the scheme, in accordance with law. It is clarified that this order has been passed in the peculiar facts of the case and shall not be cited as a precedent. - - TaxTMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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