TMI Blog2009 (12) TMI 103X X X X Extracts X X X X X X X X Extracts X X X X ..... /-. The assessee claimed exemption under Section 10(10C) of the Act to the extent of Rs.5 lakhs out of the compensation received under the said scheme. Subsequently, the assessee filed a revised return on 22.12.2004 admitting an income of Rs.11,96,780/-, which was processed under Section 143(1) of the Act and a refund of Rs.1,90,755/- was granted. Later on, the case was taken up for scrutiny by issuance of a notice under Section 143(2) of the Act and in the assessment under Section 143(3) of the Act, the Assessing Officer took the view that the ERO scheme of the ICICI Bank did not fulfill the conditions enumerated in Sub.Clauses (iii) and (iv) of Rule 2BA of the Income Tax Rules (hereinafter referred to as the Rules) and that the exemption ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecluded from filing an appeal if the tax effect involved in the appeal is less than Rs.2 lakhs and ii. Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in holding that the appellant was not entitled to exemption under Section 10(10C) of the Income Tax Act, 1961 in respect of the amount received under the Early Retirement Option of the ICICI Bank ?" 2. In all these appeals, as the facts are one and the same and the questions of law are identical as to the applicability of the circular of the Central Board of Direct Taxes dated 24.10.2005, the facts relating to TC(A)No.1210 of 2009 arising out of ITA.No.2283/Mds/2007 in respect of the assessment year 2004-2005 are stated hereun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax (Appeals) challenging the denial of exemption under Section 10(10C) of the Act. The Commissioner of Income Tax (Appeals) allowed the appeal filed by the assessee. Aggrieved by the order of the Commissioner of Income Tax (Appeals), the Revenue filed an appeal before the Tribunal, which allowed the appeal following the decision of this Court in TC.Nos.1458 to 1461 of 2007 dated 12.3.2008 wherein the scheme formulated by the ICICI Bank has been considered and it was held that the said scheme is not in consonance with Sub.Clauses (iii) and (iv) of Rule 2BA of the Rules and as such, exemption cannot be granted. The correctness of the same is now put in issue before us not on the ground of merits but on the ground that the tax effect i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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