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2008 (2) TMI 420 - HC - Income TaxExemption – voluntary retirement – conditions of the scheme - The assessee claimed deduction under section 10(10C) of the Income-tax Act, 1961, for a sum of Rs. 5 lakhs from the benefit received on his voluntary retirement under the scheme called “Early Retirement Option Scheme” – during scrutiny assessment AO demanded the copy of scheme – assessee said the scheme was not available and could not produce the same – AO denied the exemption – before ITAT assessee submitted the scheme and ITAT allowed the exemption accordingly – held that - In order to entitle the person the benefit under section 10(10C) of the Act the provisions of section 10(10C) and rule 2BA (Circular No. 640) should be complied with cumulatively and compliance with some of them would not entitle the employee the benefit as claimed for – Exemption is not allowed – order of ITAT reversed
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