https://www.taxtmi.com/caselaws?id=800743 Amended Section 270AA, substituted with effect from 1 March 2026, permits waiver of penalties already levied, including penalties for under-reporting arising from misreporting of income, where statutory conditions are met, including payment of prescribed additional income tax. Upon fulfilment of those conditions and expiry of the appeal period, waiver is mandatory under Section 270AA(3), with immunity from proceedings under Sections 276C and 276CC. A fresh application may be filed within one month from the end of the month in which the assessment or reassessment order and penalty order are received. Rejection of an earlier application under the pre-amendment framework does not bar this post-penalty application. en-us Mon, 05 Oct 2026 00:00:00 +0530 Sat, 10 Oct 2026 08:32:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=800743 Amended Section 270AA, substituted with effect from 1 March 2026, permits waiver of penalties already levied, including penalties for under-reporting arising from misreporting of income, where statutory conditions are met, including payment of prescribed additional income tax. Upon fulfilment of those conditions and expiry of the appeal period, waiver is mandatory under Section 270AA(3), with immunity from proceedings under Sections 276C and 276CC. A fresh application may be filed within one month from the end of the month in which the assessment or reassessment order and penalty order are received. Rejection of an earlier application under the pre-amendment framework does not bar this post-penalty application. Case-Laws Income Tax Mon, 05 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=800743