M SUNDAR Vs. ASSISTANT COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) Challenging the impugned order of the first respondent dated 17.12.2008 and demand notice dated 13.01.2010 and the subsequent attachment and sale of immovable property notice dated 04.11.2011 passed by the second respondent, the writ petitioner is before this Court.

(2.) According to the petitioner, he is an employee of ICICI Bank. The Bank has introduced the Voluntary Retirement Scheme, by which, a consolidated payment was made to the employees. Under Chapter III of the Income Tax Act, 1961, the incomes not included in total income are specified, in which, the agricultural income and income received by an individual as a member of a Hindu undivided family are exempted and so many other exemptions are there.

(3.) Insofar as this case is concerned, Section 10(10C) of the Income Tax Act, 1961, is relevant, which reads as under: