https://www.taxtmi.com/caselaws?id=448739 The HC quashed penalty orders under sections 270A and 270AA of the Income Tax Act. The court condoned a 30-day delay in filing the immunity application, noting that the assessee's disclosed gross income and tax liability were accepted by authorities. The court found the case fell within the scope of section 270A(6)(a) regarding bona fide explanations with material facts disclosed. The matter was remanded to the first respondent to reconsider the immunity application on merits, considering the court's observations regarding under-reported income and penalty exemption criteria. en-us Tue, 23 Jan 2024 00:00:00 +0530 Mon, 29 Jan 2024 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448739 The HC quashed penalty orders under sections 270A and 270AA of the Income Tax Act. The court condoned a 30-day delay in filing the immunity application, noting that the assessee's disclosed gross income and tax liability were accepted by authorities. The court found the case fell within the scope of section 270A(6)(a) regarding bona fide explanations with material facts disclosed. The matter was remanded to the first respondent to reconsider the immunity application on merits, considering the court's observations regarding under-reported income and penalty exemption criteria. Case-Laws Income Tax Tue, 23 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448739