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of <h1>Finance Bill 2016: Section 270AA Offers Penalty Immunity for Assessees Paying Taxes Timely Without Appeal</h1> Clause 97 of the Finance Bill, 2016, introduces section 270AA to the Income-tax Act, effective April 1, 2017, providing immunity from penalties under section 270A and proceedings under section 276C. An assessee can apply for immunity if they pay the assessed tax and interest within the specified period and do not appeal the assessment order. The application must be submitted within one month of receiving the order. The Assessing Officer must decide on the application within a month, ensuring the assessee is heard before rejection. The decision is final, and no appeal or revision is allowed against it.
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