Penalty and immunity from penalty under new provisions – penalty will not apply when tax and interest is not payable as per assessment order – a study and point of view for brain storming.

Penalty and immunity from penalty under new provisions – penalty will not apply when tax and interest is not payable as per assessment order – a study and point of view for brain storming. https://www.taxtmi.com/article/detailed?id=9743 The note contends that the statutory immunity mechanism requires a demand for tax and interest in the assessment order and payment within the specified period; where an assessment results in no tax or interest payable, the assessee cannot satisfy the payment condition and thus cannot seek immunity, and accordingly the levy of penalty under section 270A should be conditioned on the existence of such a payable demand so that the integrated penalty immunity scheme functions coherently. en-us Mon, 12 Apr 2021 08:10:58 +0530 Mon, 12 Apr 2021 08:10:58 +0530 TaxTMI RSS Generator Penalty and immunity from penalty under new provisions – penalty will not apply when tax and interest is not payable as per assessment order – a study and point of view for brain storming. https://www.taxtmi.com/article/detailed?id=9743 The note contends that the statutory immunity mechanism requires a demand for tax and interest in the assessment order and payment within the specified period; where an assessment results in no tax or interest payable, the assessee cannot satisfy the payment condition and thus cannot seek immunity, and accordingly the levy of penalty under section 270A should be conditioned on the existence of such a payable demand so that the integrated penalty immunity scheme functions coherently. Articles Income Tax Mon, 12 Apr 2021 08:10:58 +0530 https://www.taxtmi.com/article/detailed?id=9743