The writ applicant opted for the scheme of early retirement as declared by the ICICI Bank Ltd. He received a sum of Rs.15,69,701/­ in accordance with the Early Retirement Option (ERO), 2003 Scheme framed by the Bank. He filed his return of income for the year under consideration without claiming benefit of the exemption under Section 10 (10C) of the Income Tax Act, 1961 (for short “the Act, 1961”).

The Hon’ble Gujarat High Court allowed the Writ of the Petitioner allowing the claim of the Petitioner under Section 10(10C) though not claimed in the Return of Income.