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2013 (5) TMI 751 - AT - Income TaxClaim of exemption u/s. 10(10C) - assessee has received ex-gratia payment on voluntary retirement from State Bank of India under the Exit Option Scheme - as per AO Exit Option Scheme of State Bank of India did not fulfil the basic conditions as laid down in Rule 2 BA of the I.T. Rules - CIT(A) deleted the disallowance - Held that:- Decision in the case of Shri Narendra J. Chokshi [2013 (5) TMI 234 - ITAT AHMEDABAD] is equally applicable to Assessee's case wherein held as 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. Penalty u/s. 271(1)(C) - Held that:- As the addition on which the penalty has been levied itself is deleted, there is no question of levy of penalty u/s. 271(1)(C). Against revenue.
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