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2015 (5) TMI 75 - HC - Income TaxTerms and conditions of Exit Option Scheme of RBI - Voluntary retirement scheme - exemption u/s 10(10C) - whether Exit Option Scheme of RBI were different from the terms and conditions of Exit Option Scheme framed by SBI as held by ITAT - Held that:- The object of enacting section 10(10C) of the Income Tax Act, 1961 was to reduce employees strength so that unwanted personnel could seek voluntary retirement thereby enabling the public sector to achieve the true object for which it was established. The guidelines for implementing the scheme under section 10(10C) are laid down in Rule 2BA of the Income Tax Rules, 1962. The Reserve Bank of India had formulated one Optional Early Retirement Scheme and the amounts paid under this scheme, therefore, were eligible for exemption. Judgment in the case of Chandra Rangnathan & Ors. vs. Commissioner of Income Tax (2009 (10) TMI 498 - SUPREME COURT OF INDIA) rendered by the Hon'ble Supreme Court would conclude the issue- Decided in favour of the assessee.
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