Assessing Officer denied the exemption u/s 10(10C) of the Act. On appeal  Commissioner (Appeals) held that application for voluntary retirement was accepted by employer with effect from 31-12-1992 on which date assessee was to retire voluntarily as Managing Director  of company and take over charge as advisor. Accordingly allowed the claim of the assessee.   Tribunal denied  claim on ground that letter of acceptance of VRS was issued on 1-1-1993 after assessee joined as an advisor and on same day he opted for VRS in capacity of his present position for which he did not draw even half day salary. On appeal the Court held that   since Tribunal without appreciating factual position with respect to actual date of retirement on voluntary basis as was recorded by Commissioner (Appeals) reversed order on ground that assessee did not draw any salary even for half day, impugned order was erroneous and assessee was to be allowed exemption under section 10(10C) of the Act. The Court also observed that the order of Tribunal was utterly perverse, non speaking and without taking note of the factual position which has been brought out by the the CIT(A)   (AY. 1993-94)