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Penalty under section 270A could not be sustained where the assessee had filed Form No. 68 seeking immunity under section 270AA(2) and the Revenue failed to show that the application had been decided. The ITAT restored the matter to the Assessing Officer to first dispose of the immunity request in accordance with law; only if immunity is rejected may penalty proceedings be initiated afresh. For the later year, where immunity under section 270AA(4) had already been granted, the subsequent penalty order was held unsustainable and was set aside.
Penalty under section 270A could not be sustained where the assessee had filed Form No. 68 seeking immunity under section 270AA(2) and the Revenue failed to show that the application had been decided. The ITAT restored the matter to the Assessing Officer to first dispose of the immunity request in accordance with law; only if immunity is rejected may penalty proceedings be initiated afresh. For the later year, where immunity under section 270AA(4) had already been granted, the subsequent penalty order was held unsustainable and was set aside.
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