VRS payout tax: Is severance pay taxable? Pune ITAT rules ₹65.21 lakh Pfizer retirement payout was not taxable

Pune ITAT has ruled that a ₹65.21 lakh payout received by a Pfizer employee under a voluntary retirement scheme was a capital receipt and not taxable. The tribunal said Section 56(2)(xi) did not apply because the employee had voluntarily resigned under the scheme, rather than being terminated.