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2019 (4) TMI 969 - MADRAS HIGH COURTExemption u/s 10(10C) - amount received by the assessee on voluntary retirement, who was in service of Bank - HELD THAT:- As the question of grant of exemption, an amount received on the for voluntary retirement from the institution stipulated in the said provision is argued, it is no longer res-integra and has been concluded by a series of judgments by different High Courts including the Madras High Court, which has been approved by the Hon'ble Supreme Court as well and one such order is produced by the learned counsel for the appellants herself in the case of Chandra Renganathan and other Vs. CIT, Chennai [2009 (10) TMI 498 - SUPREME COURT OF INDIA] as held that amounts received by retiring employees of the RBI would be eligible for exemption under the aforesaid provisions of the Income Tax Act. On behalf of the Union of India and the Commissioner of Income Tax, the respondent herein, it was submitted that in view of the said Circular, the respondent herein, it was submitted that in view of the said Circular, the respondent would allow the benefit of deduction to the appellants under Section 10(10C) of the Income Tax Act, 1961, as far as the retired employees of the Reserve Bank of India are concerned - Decided against revenue.
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