DEVENDRA PAI Vs. ASSISTANT COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) At the hearing of the petition, the Court felt that the equity of facts require assistance. Accordingly, Sri. S. Shankar, learned Senior counsel was requested to assist the Court.

(2.) Petitioner is a retired ICICI Bank employee and had availed of the Reserve Bank's Optional Early Retirement Scheme and was paid superannuation benefit of Rs.5,00,000.00. The certificate reflecting benefit made out to the petitioner as per the scheme is enclosed at Annexure-A.

(3.) Petitioner submits that return of income for the assessment year 2004-2005 was filed and in the return filed, petitioner did not claim the benefit of exemption as was available under Sec. 10(10C) of the Income Tax Act, 1961 (for short 'the Act'). The respondent issued intimation under Sec. 143(1) of the Act accepting the return filed by the petitioner. The assessment order came to be passed, copy of which is enclosed at Annexure-D which reads follows: