Genuine Misunderstanding of VRS Exemption Not “Under-Reporting”

Ajay Pal Singh Vs ITO (ITAT Delhi)

VRS Revision Done Under Wrong Belief: Delhi ITAT Deletes 270A Penalty in Full-  Honest Mistake, No Revenue Loss: ITAT Delhi Quashes 270A Penalty for VRS Recipient

Assessee, a salaried employee of Honda, filed original return declaring Rs.43,88,320 which matched Form 16. Later, believing that VRS benefits were exempt, Assessee filed a revised return declaring Rs.31,26,700. Case was selected for scrutiny on “excess refund sought”. During assessment, Assessee failed to justify reduction in income. AO note

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