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 noted that revised income was lower than employer’s For...