Law:

Section:

Section 10(10C), read with section 154 of the Income-tax Act, 1961 - Voluntary retirement payment - Assessees were employees of ICICI bank - ICICI Bank introduced earlier a retirement option which was Voluntary Retirement Scheme and under scheme, assessees opted to retire and received terminal benefits - Assessees filed their original return under section 139 in time and also filed revised returns pursuant to intimation under section 143 - Assessing Officer granted relief to assessees under section 89(1) and did not deal with exemption under section 10(10C) - Subsequently, assessees filed application under section 154 for rectifying mistake apparent in assessment order made under section 143(3) for not invoking section 10(10C) as per order of the Tribunal - These applications were rejected by Assistant Commissioner on ground that there was no mistake apparent from records and points raised by assessees was a debatable one - Assistant Commissioner further by following order of Division Bench of High Court in case of CIT v. M. Chelladurai [2009] 176 Taxman 31 denied exemption to assessee - It was found from records that decision of High Court was reversed by Supreme Court in case of Chandra Ranganathan v. CIT [2010] 195 Taxman 418 / 8 taxmann.com 126 wherein it was held that assessee's were entitled to claim exemption under section 10(10C) - Whether, in view of above facts, since matter had been finally decided by Supreme Court, assessees would be entitled to claim exemption under section 10(10C) - Held, yes - Whether, therefore, order of Assistant Commissioner rejecting applications for rectification of assessment order was to be set aside - Held, yes [In favour of assessee] FACTS The assessees were employees of ICICI bank. The ICICI bank introduced earlier a retirement option which was the Voluntary Retirement Scheme and under the Scheme, the assessees opted to retire and receive terminal benefits. The assessees filed their original return under section 139 in time and also filed revised returns pursuant to the intimation under section 143. The Assessing Officer granted the relief to the assessees under section 89(1) and did not deal with the exemption under…

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