Exit Option Scheme EOS of State Bank of Travancore Not a Valid VRS Under Rule 2BA

N G Gangadevi Vs CIT (Kerala High Court) The Kerala High Court has dismissed an income tax appeal, ruling that an Exit Option Scheme (EOS) for a bank employee did not meet the stringent criteria for a Voluntary Retirement Scheme (VRS) under Section 10(10C) of the Income Tax Act, 1961. The court’s decision affirms the concurrent findings of the lower tax authorities, which had denied an exemption on the grounds that the scheme failed to comply with the specific conditions laid out in Rule 2BA of the Income Tax Rules. The case involves N G Gangadevi, a former employee of the State Bank of ...