Misreported Income Bars Relief Application u/s 270AA Due to Prohibition in Section 270A of Income Tax Act.

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....Immunity for levy of penalty - If there is a specific finding recorded in the assessment order that the assessee had underreported the income by misrepresenting the facts in the return of its income, then the application u/s 270AA of the Act would not be maintainable, in view of the express bar under Section 270A of the Act. - HC....