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of The Appellate Tribunal considered a case involving a penalty u/s 271(1)(c) where the assessee, an employee, received salary and ex-gratia post Voluntary Retirement Scheme (VRS). The issue was the eligibility of claiming standard deduction u/s 16(1) if the total exceeded Rs. 5 lakhs. The Tribunal held that the assessee genuinely believed the deduction was permissible, especially as the total salary pre-VRS was below Rs. 5 lakhs. The Tribunal found no malafide intent in the assessee's actions, noting full disclosure in the return. Consequently, the penalty imposed by the Assessing Officer was overturned, and the assessee's appeal was successful.
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