2022 (4) TMI 1086

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..... Himanshu Aggarwal, Mr. Aditeya Bali and Mr. Udit Naresh, Advocates. Respondents Through: Mr.Puneet Rai, Sr. Standing Counsel with Mr. Karan Pandey, Advocate. J U D G M E N T MANMOHAN, J (Oral): 1. Present writ petition has been filed challenging the order dated 26th March, 2022 passed by the Respondent No.1 under Section 270A of the Income Tax Act, 1961 ['the Act'] for the Assessment Year 20....

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....r, 2019 seeking to levy penalty under Section 270A read with Section 274 of the Act was issued by Respondent No.2 requiring the Petitioner to show cause as to why the penalty for under-reported income be not levied. 3. Learned counsel for the petitioner states that the Petitioner filed an application on 29th January, 2020 before the respondent No.2 in Form No.68 in terms of Section 270AA(2) seeki....

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....alf of respondents/Revenue. 5. Having heard learned counsel for the petitioner, this Court is of the 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. 6. In fact, the statutory scheme....

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.... be evident from the penalty notice) has been initiated on account of "underreporting" of income. 9. 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....