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2015 (5) TMI 75 - BOMBAY HIGH COURT

2015 (5) TMI 75 - BOMBAY HIGH COURT - TMI - Terms 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 .....

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ourt would conclude the issue- Decided in favour of the assessee. - Income Tax Appeal No.1494 of 2013, Income Tax Appeal No.1495 of 2013, Income Tax Appeal No.1498 of 2013 - Dated:- 9-4-2015 - S. C. Dharmadhikari And A. K. Menon,JJ. For the Appellant : Mr Tejveer Singh For the Respondent : Mr Mandar Vaidya ORDER 1. Having heard both sides, we find that the only question of law and proposed by the Revenue has been answered by this Court repeatedly. The two questions of law arising out of the Trib .....

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d to RBI's Exit Option Scheme and not SBI's Exit Option Scheme?" 2. We find that these questions are proposed and projected repeatedly by the Revenue. This Court had an occasion to consider them in the case of Commissioner of Income Tax vs. Koodathil Kallyatan Ambujakshan (2009) 309 ITR 113. 3. This Court 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 ena .....

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