S.G. Aggarwal, Noida vs Assessee
2. It was submitted before the learned CIT(A) that the
assessee was serving with State Bank of India and he opted for
Voluntary Retirement Scheme under Exit Option Scheme of
State Bank of India wherein he received ex-gratia payment and
claimed exemption u/s 10(10C) of the IT Act in respect of the
amount received under Exit Option Scheme of the State Bank of
India. The details were furnished. The decision in the case of
Koodathil Kallyatan Ambujakshan, 309 ITR 113 (Bom.) was
relied upon. It was also submitted that ITAT Ahmedabad Bench
has followed the above decision in the case of Natvarlal K.
Sharma Vs ACIT in ITA No.780/Ahd/2006 and allowed
4 ITA No.4073/Del./2011
exemption claimed by the assessee vide order dated 31-08-2007.