Assessee Not Immune From Penalty U/S 270AA Income Tax Act Where Proceedings Initiated For Misreporting Of Income: Delhi High Court
2 years, 8 months ago

Assessee Not Immune From Penalty U/S 270AA Income Tax Act Where Proceedings Initiated For Misreporting Of Income: Delhi High Court

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The Delhi High Court has observed 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 of the Income Tax Act, 1961.A division bench comprising of Justice Manmohan and Justice Dinesh. The Delhi High Court has observed 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 of the Income Tax Act, 1961. A division bench comprising of Justice Manmohan and Justice Dinesh Kumar Sharma was dealing with a plea challenging the order dated 26th March, 2022 passed by the National Faceless Assessment Centre Delhi under sec. "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," the Court said.

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