If you wish to remove a product version, make it inactive in the current season in the product versioning area.
This will only remove (inactivate) the product version in the season you are working in, it will not remove (inactivate) the product version in any other season.
Go to the Product then click the orange button with the version name (for example, "V2") to display the versioning area.
Deselect [Active] flag to immediately inactivate and hide a Product Version from the list.
Note that you cannot delete (inactivate) a version assigned to the Season you are working in.