KALYANI SANTHANAM Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) This Appeal by the assessee filed under Section 260-A of the Income Tax Act, 1961 (the 'Act' for brevity), is directed against the order passed by the Income Tax Appellate Tribunal, Chennai-"B" Bench, dated 05.09.2008 in ITA No.23/Mds/2008, for the assessment year 2004-05

(2.) This Appeal has been admitted, vide order dated 212008, on the following Substantial Question of Law:

(3.) The assessee is an individual, who was employed in the Reserve Bank of India and took Voluntary Retirement under the 'Optional Early Retirement Scheme' (OERS), framed by the Reserve Bank of India. In the return filed by the assessee for the assessment year 2004-05 she disclosed a total income of Rs. 14,25,698/- and claimed exemption under Section 10(10C) of the Act, to an extent of Rs. 5 lakhs, out of the compensation received under the OERS. The return was processed under Section 143(1) on 04.05.2005 and subsequently, the case was selected for scrutiny and notice was issued under Section 143(2) of the Act.