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2018 (7) TMI 1730 - HC - Income TaxExemption under Section 10(10C) - Voluntary Retirement Scheme issued by the ICICI Bank - Held that:- The impugned notice specifies the sum of ₹ 1,95,600/- for the assessment year 2004-2005. As per Section 10(10C) of the Act, the individual is entitled to exemption upto ₹ 5,00,000/-. The Hon'ble Supreme Court as well as Bombay High Court have categorically held that the employees are eligible for exemption under Section 10(10C) of the Act. Rule 2BA of the Income Tax Rules, 1962, cannot exceed the provisions of the Act. Therefore, the demand made by the Income Tax Department is per se illegal and is not sustainable any further As discussed above, the matter has attained finality in Commissioner of Income Tax vs. Koodathil Kallyatan Ambujakshan (2008 (7) TMI 259 - BOMBAY HIGH COURT) and the same stands confirmed by the Hon'ble Supreme Court in Chandra Ranganathan & Ors. vs. Commissioner of Income Tax, Chennai[2009 (10) TMI 498 - SUPREME COURT OF INDIA] - Decided in favour of assessee
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