Penalty immunity under the Income-tax Act requires payment, no appeal, timely application, and excludes pending Chapter XXII proceedings. Section 270AA is amended to provide that an assessee may seek immunity from penalty under section 270A and from prosecution under section 276C or section 276CC if tax, interest, and any required additional income-tax have been paid, no appeal has been filed, and the application is made within the prescribed time. The Assessing Officer grants the immunity after the statutory conditions are met and after the appeal period expires. No immunity or waiver is available where proceedings have already been initiated under Chapter XXII.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty immunity under the Income-tax Act requires payment, no appeal, timely application, and excludes pending Chapter XXII proceedings.
Section 270AA is amended to provide that an assessee may seek immunity from penalty under section 270A and from prosecution under section 276C or section 276CC if tax, interest, and any required additional income-tax have been paid, no appeal has been filed, and the application is made within the prescribed time. The Assessing Officer grants the immunity after the statutory conditions are met and after the appeal period expires. No immunity or waiver is available where proceedings have already been initiated under Chapter XXII.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
