THE ITO 26(1)(2), MUMBAI v. M/S. SHEENA SUVARNA, MUMBAI

ITA 4317/MUM/2008 | 2004-2005
Pronouncement Date: 31-05-2010

Appeal Details

RSA Number 431719914 RSA 2008
Assessee PAN ABJPS0226L
Bench Mumbai
Appeal Number ITA 4317/MUM/2008
Duration Of Justice 1 year(s) 11 month(s) 11 day(s)
Appellant THE ITO 26(1)(2), MUMBAI
Respondent M/S. SHEENA SUVARNA, MUMBAI
Appeal Type Income Tax Appeal
Pronouncement Date 31-05-2010
Appeal Filed By Department
Bench Allotted J
Tribunal Order Date 31-05-2010
Date Of Final Hearing 06-05-2010
Next Hearing Date 06-05-2010
Assessment Year 2004-2005
Appeal Filed On 19-06-2008
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH J BEFORE SHRI N.V. VASUDEVAN (JM) & PRAMOD KUMAR (AM) I.T.A.NO. 4317/MUM/2008 (ASSESSMENT YEAR : 2004-0 5) ITO 26(1)(2) SMT. K.G. MITTAL HOSPITAL BUILDING ROOM NO. 604 6 TH FLOOR CHARNI ROAD MUMBAI-400 002. VS. MRS. SHEENA SUVARNA B/107 SUNGRACE RAHEJAVIHAR OPP. CHANDIVALI STUDIO POWAI MUMBAI-400 072. APPELLANT RESPONDENT PAN/GIR NO. : ABJPS0226L ASSESSEE BY : NONE DEPARTMENT BY : SHRI L.K. AGRAWAL ORDER PER N.V. VASUDEVAN JM :- THIS IS AN APPEAL BY THE REVENUE AGAINST THE ORDER DATED 28.3.2008 OF LEARNED CIT(A)-XXVII MUMBAI RELATING TO A.Y. 2004-05. 2. ONLY GROUND RAISED BY THE REVENUE READS AS FOLLO WS :- ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW LEARNED CIT(A) ERRED IN HOLDING THAT THE AMOUNT RECEIVED BY THE ASSESSEE UN DER OPTIONAL EARLY RETIREMENT SCHEME OF RESERVE BANK OF INDIA IS ELIG IBLE FOR EXEMPTION U/S. 10(10C) OF THE I.T. ACT. 3. THE ASSESSEE IS AN EX-EMPLOYEE OF RESERVE BANK O F INDIA AND HAS RETIRED UNDER OPTIONAL EARLY RETIREMENT SCHEME (OER S) DURING THE YEAR 2003. THE EX-GRATIA RECEIVED UNDER THE SCHEME WAS FULLY TAXED WITHOUT GIVING ANY DEDUCTION U/S.10(10C) AND SEC.89(1) OF T HE ACT. THE CIT(A) FOLLOWING THE DECISION OF MUMBAI BENCH IN THE CASE OF VAISHALI A. SHELAR IN ITA NO. 6384/M/06; AND 221 OTHERS VS. ACIT ORDE R DATED 28.3.2007; HELD AS FOLLOWS: MRS. SHEENA SUVARNA 2 A) THAT THE ASSESSEE IN QUESTION IS ENTITLED FOR RELIE F U/S. 10(10C) OF THE ACT IN RESPECT OF THE SUMS RECEIVED UNDER THE OERS UPTO A SUM OF RS. 5 LAKHS. B) THE ASSESSEE IS ALSO ENTITLED TO RELIEF U/S. 89(1) OF THE ACT IN RESPECT OF THE SUMS WHICH ARE IN EXCESS OF THE EXEM PTION GRANTED. THE DECISION OF THE TRIBUNAL HAS SINCE BEEN APPROVE D BY THE HONBLE BOMBAY HIGH COURT IN THE CASE OF CIT VS. KOODATHIL KALLYATAN ITA NO.53 OF 2008 JUDGMENT DATED 4.7.2008. IN VIEW OF THE AB OVE WE FIND NO MERITS IN THIS APPEAL BY THE REVENUE. 4. IN THE RESULT APPEAL FILED BY THE REVENUE IS DI SMISSED. ORDER HAS BEEN PRONOUNCED ON 31 ST DAY OF MAY 2010. SD/- (PRAMOD KUMAR) ACCOUNTANT MEMBER SD/- (N.V. VASUDEVAN) JUDICIAL MEMBER DATED : 31 ST MAY 2010 COPY TO : 1. THE ASSESSEE 2. THE RESPONDENT 3. THE CIT(A)-CONCERNED. 4. THE CIT CONCERNED. 5. THE DR CONCERNED MUMBAI 6. GUARD FILE BY ORDER TRUE COPY ASSTT. REGISTRAR ITAT MUMBAI PS