COMMISSIONER OF INCOME TAX Vs. M CHELLADURAI

JUDGEMENT

(1.) IN these appeals, the revenue assails the order of the Tribunal granting the relief of deduction under section 10(10C) of the INcome Tax Act, 1961 to the respective assessees, who have severed their service connection from their employer - the ICICI Bank and the Reserve Bank of INdia, under a scheme framed in the year 2003 called 'ICICI Bank Early Retirement Option 2003' and 'Optional Early Retirement Scheme (OERS) 2003' respectively.

(2.) TAX Case (Appeals) Nos.101, 410, 22, 425 and 1360 of 2007 relate to the employees of ICICI bank and TAX Case (Appeals) Nos.1353 and 1397 of 2007 relate to the employees of Reserve Bank of India.

(3.) THE assessee went on appeal to the Commissioner of Income Tax (Appeals). Even before the Commissioner, the assessee was required to furnish a copy of the retirement scheme of the bank. However, the assessee did not file the copy, but claimed that the other employees availed the deduction and therefore, the deduction claimed by the assessee should be allowed. THE Commissioner (Appeals) ultimately concluded by observing as follows : "THE assessing officer afforded an opportunity to the appellant and required him to file copy of the scheme of ICICI bank by which the appellant availed voluntary retirement. THE appellant has replied in writing that the scheme was not applicable to him. During the course of appellate proceedings, the appellant could not submit copy of scheme of voluntary retirement. In the circumstances, I find that the assessing officer has correctly denied the deduction under section 10(10C). THE order of the assessing officer is confirmed."