GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (12) TMI 415 - MADRAS HIGH COURT

2016 (12) TMI 415 - MADRAS HIGH COURT - [2017] 392 ITR 63 - Exemption under Section 10(10C) entitled to retirees of the ICICI Bank under Early Retirement Option Scheme, 2003 - Held that:- Default in complying with the requirement was due to circumstances beyond the control of the assessee, the Board is entitled to exercise its power and relax the requirement contained in Chapter IV or Chapter VI-A. If such a power is conferred upon the Board, this Court, while exercising jurisdiction under Artic .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

of exemption to the petitioner. - Accordingly, the writ petition is partly allowed, the impugned order is set aside and the third respondent is directed to grant the benefit of exemption under Section 10(10C) of the Act and refund the appropriate amount to the petitioner, within a period of three months from the date of receipt of a copy of this order. Considering the facts and circumstances of the case, the prayer for interest is rejected. - Writ Petition No. 42385 of 2016 - Dated:- 2-12-2 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d respondent. 3. The issue lies in a narrow compass. The petitioner, upon retirement, filed his return of income for the relevant year and the assessment was finalized. Subsequently, the petitioner came to know that the Hon'ble Supreme Court, in the case of S.Palaniappan Vs. I.T.O. [Civil Appeal No. 4411 of 2010 dated 28.9.2015] held that a person, who has opted for voluntary retirement under the Early Retirement Option Scheme shall be entitled to exemption under Section 10(10C) of the Incom .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nd stating that only after the said decision came to his notice, he had been advised to file the revised return. However, this has been rejected vide the impugned proceedings dated 4.8.2016 by the third respondent by referring to Section 139(5) of the Act. In other words, the revised return was refused to be accepted as it is beyond the time stipulated under Section 139(5). Assailing the correctness of the order of the third respondent, the petitioner is before this Court. 5. The learned counsel .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

durai Bench of this Court in the case of K.R.Alagappan Vs. A.C.I.T. [W.P.(MD) No.3986 of 2007 etc. cases dated 3.11.2010], which was followed in the case of C.Navaneethakrishnan Vs. A.C.I.T. [W.P.(MD) No.3263 of 2012 etc. cases dated 10.9.2012]. 7. Mr.J.Narayanasamy, learned Senior Standing Counsel for the Revenue has referred to Section 139(5) of the Act and contended that when the said provision stipulates the outer time limit, within which, the assessee is entitled to file a revised return of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ay while giving effect to the order passed by the Hon'ble Supreme Court. The Board also issued a circular on 13.4.2016 with a view to grant relief to the retirees of the ICICI Bank under the Early Retirement Option Scheme. Several persons, who had filed writ petitions before the Madurai Bench of this Court, have been granted the relief. In fact, in those orders, the Court took into consideration the decision of the Hon'ble Supreme Court and granted the relief. 9. The circular issued by t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

shall observe and follow such orders, instructions and directions of the Board. The Proviso carves out certain exceptions, under which circumstances, the Board will not issue instructions. 10. Clause (a) to Sub-Section (2) of Section 119 of the Act states that without prejudice to the generality of the power under Section 119(1), the the Board may, if it considers it necessary or expedient so to do, for the purpose of proper and efficient management of the work of assessment and collection of r .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

y be made if the Board is of opinion that it is necessary in the public interest. It is relevant to point out that one of the provisions, which are listed out under Clause (a) to Sub-Section (2) of Section 119 of the Act is Section 139 of the Act. 11. Admittedly, the case, which was considered by the Hon'ble Supreme Court related to an individual employee namely S.Palaniappan, who was also a similarly placed person as that of the petitioner. Thus, the Board, in its wisdom, while implementing .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rmore, it is relevant to point out that Clause (c) to Sub-Section (2) of Section 119 of the Act states that the Board may, if it considers it desirable or expedient so to do for avoiding genuine hardship in any case or class of cases, by general or special order, relax any requirement contained in any of the provisions contained in Chapter IV or Chapter VI-A of the Act, which deal with computation of total income and deductions to be made in computing the total income and such power is exercisab .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version