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2015 (5) TMI 9 - GUJARAT HIGH COURTExemption under Section 10(10C) denied - Whether the Appellate Tribunal has erred in law in allowing exemption under Section 10(10C) of the I.T. Act 1961 even though conditions laid down in Rule 2BA of the I.T. Rules 1962 that the vacancy caused by such retirement was not to be filled up was not satisfied? - Held that:- An employee opting for voluntary retirement and the amount received on voluntary retirement shall be entitled to exemption under Section 10(20C) of the Act, however, up to the limit of ₹ 5 lacs and for the amount beyond ₹ 5 lacs shall be entitled to the relief under Section 89 of the Act. See CIT Versus Nagesh Devidas Kulkarni [2007 (4) TMI 205 - BOMBAY High Court] & Karamchari Union Vs. Union of India reported in [2000 (2) TMI 11 - SUPREME Court] - Decided against the revenue.
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