The ITO, Ward-15(4),, Ahmedabad v. Shri Vijaykumar B.Barot, Ahmedabad

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH AHMEDABAD (BEFORE S/SHRI BHAVNESH SAINI JM AND D. C. AGRAWAL AM) ITA NO.2557/AHD/2010 A. Y.: 2007-08 THE INCOME TAX OFFICER WARD- 15(4) 7 TH FLOOR NATURE VIEW BUILDING ASHRAM ROAD AHMEDABAD VS SHRI VIJAYKUMAR B. BAROT 27/313 AMAR APARTMENT NR. MANGAL MURTI SOLA ROAD AHMEDABAD PA NO. AHYPB 2379 Q (APPELLANT) (RESPONDENT) APPELLANT BY SHRI K. MADHUSUDAN SR. DR RESPONDENT BY SHRI VIVEK N. CHAVDA AR O R D E R PER BHAVNESH SAINI: THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF THE LEARNED CIT(A)-XX I AHMEDABAD DATED 23 RD JUNE 2010 FOR ASSESSMENT YEAR 2007-08 ON THE FOLL OWING GROUNDS: 1. THE LD. ICT(A) HAS ERRED IN LAW AND ON FACTS IN ALLOWING THE EXEMPTION U/S 10 (10C) OF THE I. T. AC T OF RS.5 00 000/-. 2. THE LEARNED CIT(A) HAS FAILED TO TAKE INTO CONSIDERATION THE CBDTS DIRECTIONS ISSUED VIDE LETTER F. NO.200/34/2009-ITA DATED 6.10.2009 THAT EX-GRATIA PAYMENT RECEIVED UNDER EXIT OPTION SCHEME OF STATE BANK OF INDIA STATE BANK OF PATIALA AND OTHER ASSOCIATE BANKS ARE NOT ELIGIBLE FOR EXEMPTION U/S 10(10C) OF THE I. T. ACT. ITA NO.2557/AHD/2010 ITO W 15(4) AHMEDABAD VS SHRI VIJAYKUMAR B. BAROT 2 2. IT WAS SUBMITTED BEFORE THE LEARNED CIT(A) THAT THE ASSESSEE WAS SERVING WITH STATE BANK OF INDIA AND HE OPTED F OR VOLUNTARY RETIREMENT SCHEME UNDER EXIT OPTION SCHEME OF STATE BANK OF INDIA WHEREIN HE RECEIVED EX-GRATIA PAYMENT AND CLAIMED E XEMPTION U/S 10(10C) OF THE IT ACT IN RESPECT OF THE AMOUNT RECE IVED UNDER EXIT OPTION SCHEME OF THE STATE BANK OF INDIA. THE DETAI LS WERE FURNISHED. THE DECISION IN THE CASE OF KOODATHIL KA LLYATAN AMBUJAKSHAN 309 ITR 113 (BOM.) WAS RELIED UPON. IT WAS ALSO SUBMITTED THAT ITAT AHMEDABAD BENCH HAS FOLLOWED TH E ABOVE DECISION IN THE CASE OF NATVARLAL K. SHARMA VS ACIT IN ITA NO.780/AHD/2006 AND ALLOWED EXEMPTION CLAIMED BY TH E ASSESSEE VIDE ORDER DATED 31-08-2007. THE LEARNED CIT(A) FOL LOWING THE ABOVE DECISIONS DELETED THE ADDITION. 3. THE LEARNED COUNSEL FOR THE ASSESSEE AT THE OUT SET SUBMITTED THAT THE ISSUE IS FURTHER CONSIDERED BY THE ITAT AH MEDABAD BENCH IN THE CASE OF SMT. SHAKUNTALABEN NAGINKUMAR SHAH IN I TA NO.537/AHD/2010 DATED 31-08-2010 AND THE APPEAL OF THE ASSESSEE HAS BEEN ALLOWED IN RESPECT OF THE SIMILAR SCHEME O F STATE BANK OF INDIA. HE HAS THEREFORE SUBMITTED THAT THE ISSUE IS COVERED IN FAVOUR OF THE ASSESSEE. THE LEARNED DR DID NOT DISPUTE AND SUBMITTED THAT THE ISSUE IS COVERED IN FAVOUR OF THE ASSESSEE. 4. BY FOLLOWING THE SAME DECISION OF THE TRIBUNAL W E ARE OF THE VIEW THAT THE ISSUE IS COVERED IN FAVOUR OF THE ASS ESSEE. THE DEPARTMENTAL APPEAL HAS NO MERIT. THE SAME IS DISMI SSED. ITA NO.2557/AHD/2010 ITO W 15(4) AHMEDABAD VS SHRI VIJAYKUMAR B. BAROT 3 5. IN THE RESULT THE DEPARTMENTAL APPEAL IS DISMIS SED. ORDER PRONOUNCED IN THE OPEN COURT ON 11-02-2011 SD/- SD/- (D. C. AGRAWAL) ACCOUNTANT MEMBER (BHAVNESH SAINI) JUDICIAL MEMBER DATE : 11-02-2011 LAKSHMIKANT/- COPY OF THE ORDER FORWARDED TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT CONCERNED 4. THE CIT(A) CONCERNED 5. THE DR ITAT AHMEDABAD 6. GUARD FILE BY ORDER D Y. REGISTRAR ITAT AHMEDABAD