https://www.taxtmi.com/caselaws?id=70271 The Tribunal held that the sum received under the Voluntary Retirement Scheme (VRS), even if paid in installments over multiple years, is exempt under section 10(10C) of the Income-tax Act, 1961, up to the limit of Rs.5,00,000. The Tribunal referred to relevant legal provisions, including the second proviso to section 10(10C) and amendments introduced by the Finance Act, 2003, supporting the exemption for VRS payments made in installments. Consequently, the Tribunal allowed the assessee's claim and overturned the decisions of the lower authorities, resulting in a favorable outcome for the assessee in the appeals. en-us Tue, 21 Feb 2006 00:00:00 +0530 Mon, 17 Jun 2013 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70271 The Tribunal held that the sum received under the Voluntary Retirement Scheme (VRS), even if paid in installments over multiple years, is exempt under section 10(10C) of the Income-tax Act, 1961, up to the limit of Rs.5,00,000. The Tribunal referred to relevant legal provisions, including the second proviso to section 10(10C) and amendments introduced by the Finance Act, 2003, supporting the exemption for VRS payments made in installments. Consequently, the Tribunal allowed the assessee's claim and overturned the decisions of the lower authorities, resulting in a favorable outcome for the assessee in the appeals. Case-Laws Income Tax Tue, 21 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70271