SARANAYAKI KANNAN Vs. ASSISTANT COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE appeal is filed by the assessee against the order of the Income Tax Appellate Tribunal, Madras 'C' Bench, Chennai, dated 13.6.2008 passed in ITA No,2403/Mds/2007 relating to the assessment year 2004-2005. THE appeal is admitted on the following questions of law:

(2.) WHETHER on the facts and in the circumstances of the case, the Income Tax Tribunal was right in law in holding that the appellant was not entitled to exemption under Section 10(10C) of the Income Tax Act 1961 in respect of the amount received under the OERS of the Reserve Bank of India ? 2. The facts as culled out from the statement of facts stated in the memorandum of appeal are as follows:-

(3.) IN view of the above, the order of the Tribunal is set aside and the appeal is allowed answering the questions of law in favour of the assessee. The assessee is entitled to the benefit of deduction under Section 10(10C) of the INcome Tax Act.