ITO, Ward 2(2),, Pune v. Shri Vinod Vyankatesh Vaidya,, Kolhapur

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH A PUNE BEFORE: SHRI G. S. PANNU ACCOUNTANT MEMBER AND SHRI R.S. PADVEKAR JUDICIAL MEMBER ITA NO. 395 /PN/2013 ASSESSMENT YEAR : 2007 - 08 INCOME TAX OFFICER WARD - 2(2) KOLH APUR VS. SHRI VINOD VYANKATESH VAIDYA SANJAY APARTMENT FLAT NO. 4 GROUND FLOOR MARKET KAMAN KOLHAPUR (APPELLANT) (RESPONDENT) PAN NO. AAJPV2811M APPELLANT BY: SHRI P.L. PATHADE RESPONDENT BY: N O N E DATE OF HEARING : 23 - 10 - 2013 DATE OF PRONOUNCEMENT : 28 - 10 - 2013 ORDER P ER R.S. PADVEKAR JM : - THIS APPEAL IS FILED BY THE REVENUE CHALLENGING THE IMPUGNED ORDER OF THE LD. CIT(A) KOLHAPUR DATED 30 - 11 - 2012 FOR THE A.Y. 2007 - 08. THE REVENUE HAS TAKEN THE MULTIPLE GROUNDS BUT THE SOLITAR Y ISSUE ARISES FOR CONSIDERATION IS WHETHER THE LD. CIT(A) WAS JUSTIFIED IN HOLDING THE EX - GRATIA AMOUNT RECEIVED FROM THE BANK ON HIS VOLUNTARY RETIREMENT FROM THE STATE BANK OF INDIA BY OPTING EXIT OPTION SCHEME IS ENTITLED FOR THE BENEFIT OF EXEMPTION U/S. 10(10C) OF THE INCOME - TAX ACT . 2. THE BRIEFLY STATED FACTS ARE AS UNDER. THE ASSESSEE IS AN EMPLOYEE OF THE STATE BANK OF INDIA AND OPTED FOR VOLUNTARY RETIREMENT UNDER THE EXIT OPTION SCHEME ANNOUNCED BY THE BANK. ON HIS VOLUNTARY RETIREMENT T HE ASSESSEE GOT THE EX - GRATIA AMOUNT AS A COMPENSATION OF RS. 12 90 784/ - AND THE ASSESSEE CLAIMED THE EXEMPTION OF RS.5 00 000/ - U/S. 10(10C) OF THE ACT. THE ASSESSING OFFICER DISALLOWED THE CLAIM OF THE ASSESSEE BUT THE LD. CIT(A) HAS ALLOWED THE CLAIM B Y FOLLOWING DECISION S OF THE ITAT IN THE FOLLOWING CASES: 2 ITA NO. 395/PN/2013 SHRI VINOD VYANKATESH VAIDYA KOLHAPUR I. SHRI JAYANT B RUKADIKAR ITA NO. 1046/PN/2011 30/08/2012 II. DATTATRAYA D MARATHE ITA NO. 1095/PN/2011 05/09/2012 III. SMT. JAYSHREE A WALWADKAR ITA NO. 1047/PN/2011 29/08/2012 IV. RAJENDRA SAH ADEV DHURAT ITA NO. 1357/PN/2011 15/10/2012 3. THE ISSUE STANDS SQUARELY COVERED IN FAVOUR OF THE ASSESSEE BY THE DECISION S CITED ABOVE . W E ACCORDINGLY CONFIRM THE ORDER OF THE LD. CIT(A) AND THE REVENUES APPEAL IS DISMISSED. 4. IN THE RESULT THE REVENUES APPEAL IS DISMISSED. PRONOUNCED IN THE OPEN COURT ON 28 - 10 - 2013 SD/ - SD/ - ( G.S. PANNU ) ( R.S. PADVEKAR ) ACCOUNTANT MEMBER JUDICIAL MEMBER RK /PS PUNE DATED : 28 TH OCTOBER 20 1 3 COPY TO 1 ASSESSEE 2 DEPARTMENT 3 THE CIT(A) KOLHAPUR 4 THE CIT KOLHAPUR 5 THE DR ITAT A BENCH PUNE . 6 GUARD FILE. //TRUE COPY// BY ORDER PRIVATE SECRETARY INCOME TAX APPELLATE TRIBUNAL PUNE