https://www.taxtmi.com/caselaws?id=359021 The High Court ruled in favor of the petitioner, an ICICI Bank employee, in a challenge against a demand notice from the Income Tax Department regarding a Voluntary Retirement Scheme. The Court held that the demand was below the exemption limit of Rs. 5,00,000 under Section 10(10C) of the Income Tax Act, 1961. Citing precedents from the Bombay High Court and the Supreme Court, the High Court deemed the demand illegal and unsustainable, setting aside the order and allowing the writ petition. en-us Mon, 09 Apr 2018 00:00:00 +0530 Mon, 23 Apr 2018 07:08:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359021 The High Court ruled in favor of the petitioner, an ICICI Bank employee, in a challenge against a demand notice from the Income Tax Department regarding a Voluntary Retirement Scheme. The Court held that the demand was below the exemption limit of Rs. 5,00,000 under Section 10(10C) of the Income Tax Act, 1961. Citing precedents from the Bombay High Court and the Supreme Court, the High Court deemed the demand illegal and unsustainable, setting aside the order and allowing the writ petition. Case-Laws Income Tax Mon, 09 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359021