Immunity from imposition of penalty and initiation of proceeding u/s 276C or 276CC - Section 270AA

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....sfy the condition before make an application for immunity • (a) Full payment of assessed tax and interest -  • The assessee must pay: • Tax, and • Interest as determined under: • Section 143(3) (regular assessment), or • Section 147 (reassessment) • Payment must be made within the time specified in the demand notice. • (b) Payment in cases involving Section 270A (under-reporting penalty) • If penalty is attracted under Section 270A(9), then instead of contesting penalty: • The assessee must pay 100% of the tax on under-reported income as additional income-tax. • paid within the period spe....

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....fficer shall, within a period of three month from the end of the month in which the application under section 270AA(1) is received, pass an order accepting or rejecting such application, No order rejecting the application shall be passed unless the assessee has been given an opportunity of being heard. [Section 270AA(4)] [ Amended vide section 79 of the Finance Act, 2025)] • Upto 31.03.2025 - The Assessing Officer shall, within a period of One month from the end of the month in which the application under section 270AA(1) is received, pass an order accepting or rejecting such application, No order rejecting the application shall be passed unless the assessee has been given an opportunity of being h....

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....making an application [Section 270AA(2)] An application referred to in section 270AA(1) shall be made within one month from the end of the month in which the order referred to in section 270AA(1)(a) has been received and shall be made in Form No. 68 and verified in such manner as may be prescribed. (3) The Assessing Officer shall grant immunity from imposition of penalty or initiation of proceedings u/s 276C or 276CC except in case of misreporting of income [Section 270AA(3)] The Assessing Officer shall- • subject to fulfilment of the conditions specified in section 270AA(1) and • and after the expiry of the period of filing the appeal as specified in section 249(2)(b) grant immunity f....