Decision of Supreme Court on VRS Case

Hi Mr Shukla,

No, not as far as I know. The department was up in arms against theconsistent stand of the Madras High Court [ (CIT v. G.V. Venugopal[2005] 273 ITR 307/144 Taxman 784; CIT v. S. Sunder [2006] 194Taxation 467 (Mad.).] that twin benefits u/s 10(10C) and section 89(1) can be claimed on VRS amount in excess of Rs 5 lacs.I personally believe the department is on a sticky wicket here. Itis clinging on to the second proviso of Section 10(10C), which onlysays the exemption under that clause can be claimed only in one A Y.It nowhere states that relief on the excess amount can't be claimedunder any other section except Section 10(10C).Since a favourable verdict from the SC is doubtful, I fear thegovernment may try to push in an amendment to Section 10(10C) inthis year's budget!Thanks,CA Sanjeev Bedi--- In

ICAI_CIRC_MEERUT_CA@yahoogroups.com, CHANDRA SHUKLA wrote:>> Can any one tell whether the Supereme Court has taken decision inmatter of special leave petion filed by the department againstjudjements of various court on allowability of VRS over and aboveRs.5.00under section 89>>> CA C.K.SHUKLA> KANPUR