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TMI Blog2018 (11) TMI 135X X X X Extracts X X X X X X X X Extracts X X X X ..... .S.SIVAGNANAM, J. This Appeal by the assessee filed under Section 260-A of the Income Tax Act, 1961 (the 'Act' for brevity), is directed against the order passed by the Income Tax Appellate Tribunal, Chennai-"B" Bench, dated 05.09.2008 in ITA No.23/Mds/2008, for the assessment year 2004-05 2.This Appeal has been admitted, vide order dated 22.12.2008, on the following Substantial Question ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 143(1) on 04.05.2005 and subsequently, the case was selected for scrutiny and notice was issued under Section 143(2) of the Act. 4.In the assessment made under Section 143(3) of the Act, the Assessing Officer took the view that the OERS of RBI has not fulfilled the condition Nos.(ii), (iii) and (iv) of Rule 2BA and therefore, exemption under Section 10(10C) of the Act cannot be allowed, thereb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed appeals, which were disposed of by the subject matter of the tax appeal cases before the Bombay High Court, which refers to the order of the Appellate Tribunal on the basis of letter [F.No.225/74/2005 ITA-II], dated 20-10- 2005, of the Central Board of Direct Taxes so far as the Reserve Bank of India is concerned. The High Court held that having regard to the above letter of the Central Board o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it was submitted that in view of the said circular, the respondent would 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 is concerned. 4. Having regard to the above, the appeals succeed and are allowed. The impugned order passed by the High Court is set aside and that of the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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