Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2005 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2005 (9) TMI 67 - HC - Income TaxAmount received under the voluntary retirement scheme – claim for exemption under section 10(10C) and also relief under section 89(1) - the amount received by the assessee under the voluntary retirement scheme after the exempted income under section 10(10C) is compensation received in connection with the termination of his employment within the meaning of section 17(3)(i) - we are of the opinion that the assessee employee of the respondent bank is not only entitled to the benefit of exemption under section 10(10C) to the extent prescribed in the provision itself and any amount over and above the prescribed limit under the aforesaid provision, the assessee is also entitled to the relief under section 89(1) read with rule 21A of the Rules - there is no default or failure on the part of the respondent bank when the relief under section 89(1), was granted to the assessee on his production of Form No. 10E - appeals filed by the Revenue require to be rejected and they are rejected
|