On finding that no opportunity of hearing was provided to the assessee before rejecting its application for immunity from penalty, the Mumbai ITAT set-aside the whole issue back to the file of the AO to decide the issue of availability of immunity from imposition of penalty u/s 270AA of the Income Tax Act, 1961. Even in filing form number 68 …
The Delhi High Court has ruled that where the underreporting of income allegedly done by the assessee is due to the re-computation of the disallowance under Section 14A of the Income Tax Act, 1961 by the Assessing Officer, it would not amount to misreporting of income. The revenue department levied a penalty on the assessee Prem Brothers Infrastructure LLP under …
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 …
