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2016 (9) TMI 1212 - AT - Income TaxFresh claim of exemption by way of application u/s 154 - Claim of exemption under Section 10(10C) - Held that:- In this case, admittedly, revised return was not filed by the assessee. The fact remains that what was received by the assessee is retirement benefit consequent to Early Retirement Option Scheme, 2003 implemented by ICICI Bank. Therefore, the assessee is eligible for exemption under Section 89(1) and 10(10C) of the Act. The Apex Court in the case of National Thermal Power Co. Ltd. (1996 (12) TMI 7 - SUPREME Court ) found that this Tribunal can entertain an additional claim provided the facts are on record. When the assessee is eligible for exemption under Section 89(1) and 10(10C) of the Act, the same can very well be brought to the notice of the Assessing Officer. This Tribunal is of the considered opinion that the Assessing Officer has to examine the same on merit. In view of the above, this Tribunal is unable to uphold the order of the lower authority and accordingly, the same is set aside. The Assessing Officer shall examine the claim on merit and thereafter decide the issue in accordance with after giving a reasonable opportunity to the assessee. - Decided in favour of assessee
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