https://www.taxtmi.com/caselaws?id=467165 Immunity from penalty under section 270AA must be granted where the taxpayer pays tax and interest, does not appeal the assessment order, and files a timely immunity application, unless a valid rejection follows the prescribed procedure. The Assessing Officer must decide the application within the statutory period and cannot reject it without an opportunity of hearing. Penalty for misreporting under section 270A also requires identification of the applicable statutory limb. Amounts of a proprietorship charged to a company were treated as underreporting rather than misreporting. Failure to decide the immunity application and to establish misreporting rendered the penalty unsustainable and resulted in its cancellation. en-us Mon, 27 Oct 2025 00:00:00 +0530 Fri, 06 Mar 2026 18:09:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467165 Immunity from penalty under section 270AA must be granted where the taxpayer pays tax and interest, does not appeal the assessment order, and files a timely immunity application, unless a valid rejection follows the prescribed procedure. The Assessing Officer must decide the application within the statutory period and cannot reject it without an opportunity of hearing. Penalty for misreporting under section 270A also requires identification of the applicable statutory limb. Amounts of a proprietorship charged to a company were treated as underreporting rather than misreporting. Failure to decide the immunity application and to establish misreporting rendered the penalty unsustainable and resulted in its cancellation. Case-Laws Income Tax Mon, 27 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467165