https://www.taxtmi.com/caselaws?id=344272 The ITAT upheld the CIT(A)'s decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, finding the claim regarding Voluntary Retirement Scheme (VRS) expenditure to be debatable and supported by judicial precedents. The ITAT emphasized that penalties cannot be levied on debatable issues and that the claim, although not accepted, was not false. The Revenue's appeal was dismissed, and the penalty deletion was affirmed on 09/06/2017. en-us Fri, 09 Jun 2017 00:00:00 +0530 Mon, 12 Jun 2017 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344272 The ITAT upheld the CIT(A)'s decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, finding the claim regarding Voluntary Retirement Scheme (VRS) expenditure to be debatable and supported by judicial precedents. The ITAT emphasized that penalties cannot be levied on debatable issues and that the claim, although not accepted, was not false. The Revenue's appeal was dismissed, and the penalty deletion was affirmed on 09/06/2017. Case-Laws Income Tax Fri, 09 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344272