2022 (4) TMI 910

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....RMA Petitioner Through: Ms. Kavita Jha, Advocate with Mr. Himanshu Aggarwal and Mr. Aditeya Bali, Advocates. Respondent Through: Mr. Ajit Sharma, Advocate. J U D G M E N T MANMOHAN, J (Oral) 1. Present writ petition has been filed challenging the order dated 16^th March, 2022 passed by the Respondent under Section 270A of the Income Tax Act, 1961 ['the Act'] for the assessment year ....

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....ry, 2021 seeking to levy penalty under Section 270A read with Section 274 of the Act was issued by Respondent requiring the Petitioner to show cause as to why the penalty for underreported income be not levied. 3. Learned counsel for the petitioner states that the Petitioner filed an application dated 3^rd March, 2021 before the respondent in Form No.68 in terms of Section 270AA(2) seeking immu....

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....view that it is only in cases where proceedings for levy of penalty have been initiated on account of alleged misreporting of income that an assessee is prohibited from applying and availing the benefit of immunity from penalty and prosecution under Section 270AA. 5. In fact, the statutory scheme for grant of immunity is based on satisfaction of three fundamental conditions, namely, (i....

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....en initiated on account of "underreporting" of income. 8. Consequently, this Court is of the view that the petitioner acquired a right to be granted immunity under Section 270AA of the Act. In fact, this Court, in Schneider Electric South East Asia (HQ) Pte Ltd. Vs. Asst. Commissioner of Income Tax International Taxation Circle 3(1)(2), New Delhi and Ors., WP(C) 5111/2022, has held, "This Court....