SUNIL KUMAR GANGULY Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) THE short question involved in this writ application is, whether the petitioners are entitled to exemption of tax for compensation to the extent of Rs. 5 lakhs under the optional early retirement scheme introduced by the RBI for voluntary retirement of its employees.

(2.) AN Optional Early Retirement Scheme, hereinafter referred to as the OERS, under which employees who had completed to take voluntary retirement.

(3.) THE terms and conditions on which the petitioners were offered voluntary retirement under the OERS are extracted hereinbelow for convenience :