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2009 (10) TMI 498 - SC - Income TaxVoluntary retirement scheme - exemption u/s 10(10C) - The Bombay High Court decided that having regard to the letter of the Central Board of Direct Taxes, the amount received by the employees of the RBI opting for Optional Early Retirement Scheme do not qualify for deduction under section 10(10C) - Held that: - in view of circular dated 8-5-2009, revenue agreed to 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. - Exemption u/s 10(10C) allowed
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