https://www.taxtmi.com/highlights?id=102379 Immunity from penalty for under-reporting of income requires reconsideration where a timely Form No. 68 application is followed by rectification of the assessment demand resulting in a refund. The material states that neither the penalty order nor the appellate order considered whether the rectification affected compliance with the requirement to pay tax and interest, particularly where no demand ultimately survived. The immunity claim was restored for fresh examination by a speaking order after granting reasonable opportunity, with consequential reconsideration of the penalty issue if required. en-us Wed, 05 Aug 2026 08:48:02 +0530 Wed, 05 Aug 2026 08:48:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=102379 Immunity from penalty for under-reporting of income requires reconsideration where a timely Form No. 68 application is followed by rectification of the assessment demand resulting in a refund. The material states that neither the penalty order nor the appellate order considered whether the rectification affected compliance with the requirement to pay tax and interest, particularly where no demand ultimately survived. The immunity claim was restored for fresh examination by a speaking order after granting reasonable opportunity, with consequential reconsideration of the penalty issue if required. Highlights Income Tax Wed, 05 Aug 2026 08:48:02 +0530 https://www.taxtmi.com/highlights?id=102379