Taxpayer Granted Penalty Immunity for Compliance and Transparency Under Income Tax Act Sections 270AA & 270A.

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....immunity from imposing penalty u/s 270AA - Penalty u/s 270A for failure to file the return of income (ITR) - Under Section 270 AA of the Income Tax Act, immunity from imposition of penalty can be granted if the applicant has complied with the tax liability and the delay in application can be condoned if justified. - Further, As per clause Sub section 6 (a) of Section 270A the amount of income in respect of which the assessee offers an explanation, which is accepted as bona fide is liable to be excluded provided all material facts were disclosed. - Immunity granted - HC....