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2014 (8) TMI 792 - AT - Income TaxTaxability of ex gratia payment received under Exit Option Scheme of State Bank of India - Income do not form part of total income u/s 10(10C) - Exemption – Held that:- The assessee declared income which was processed u/s 143(1) of the Act - assessee has claimed exemption u/s 10(10C) of the Act, being the amount received as ex gratia under Exit Option Scheme of State Bank of India - The assessee was asked to explain his stand - the assessment proceedings were attended from time to time and also preferred written submission - The assessee was a bank employee, disclosed income from salary at ₹ 10,50,211/- and claimed exemption of ₹ 5,00,000/- u/s 10(10C) of the Act –the AO in view of Circular No. CIRDO/HR/72/2006-07 dated 8.8.2006 of Human Resources Department held that the ex gratia payment will be added to the income of the employee made the addition - CIT(A) also affirmed the stand taken by the AO – Relying upon SAIL DSP Vs Employees Association Vs Union of India [2003 (2) TMI 46 - CALCUTTA High Court] - the assessee entitled to exemption u/s 10(10C) of the Act – Decided in favour of Assessee.
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