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2013 (5) TMI 234 - AT - Income TaxDeduction u/s.10(10C) - assessee had opted for voluntary retirement from State Bank of India under Exist Option Scheme and has received Ex-gratia payment - disallowance of claim as exit option scheme did not fulfill the stipulated requirements of rule laid down in rule 2BA of Income tax Rules, 1962 - Held that:- As decided in ITO vs. Shri Kanaiyalal Vadilal Bhavsar [2010 (1) TMI 961 - ITAT AHMEDABAD] relying on CIT vs. G. V. Venugopal [2004 (12) TMI 35 - MADRAS High Court] that there is no prohibition to the twin benefits in respect of the amount received under the voluntary retirement scheme - The mere fact that the relief has been spread over several years does not mean that the relief is not in respect of a particular assessment year, thus assessee is eligible to claim simultaneous benefit under section 10(10C) as well as section 89(1) in respect of the compensation received under the voluntary retirement scheme – Further, it is well settled that if two reasonable interpretations of taxing statutes are possible, the one in favour of the assessee should be accepted. In favour of assessee.
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