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2014 (3) TMI 801 - AT - Income TaxRevision u/s 263 - Claim of exemption u/s 10(10C) of the Act – Compliance of provisions of Rule 2BA of the Rules - Assessee had taken Voluntary Retirement – Held that:- The decision in Pandya Vinodchandra Bhogilal vs. ITO [2010 (7) TMI 796 - ITAT AHMEDABAD] followed - claim for exemption u/s.10(10C) cannot be denied on the ground that the scheme of Voluntary retirement framed by the employer is not in accordance with the Rule 2BA – also in Dy. CIT v. Krishna Gopal Saha [2009 (7) TMI 173 - ITAT CALCUTTA-B] it was held that the assessee, who had exercised the option for retirement under the Scheme floated by the employer bank and had received the compensation from the employer bank, was entitled to exemption u/s.10(10C) even though the scheme was not in conformity with the requirement of Rule 2BA - the view taken by the AO while allowing the claim of the assessee for exemption u/s.10(10C) in the assessments framed u/s.143(3) was a possible view and the CIT was not justified in treating the assessments as erroneous and prejudicial to the interest of revenue – thus, the order of the CIT set aside – Decided in favour of Assessee.
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