The assessment of the appellant was completed\u00a0 u\/s 143(3)of the Act . Show cause notice was issued seeking to levy penalty u\/s 270A\u00a0 read with section 274 of the Act\u00a0 for under reporting of income . The assessee submitted application before the AO in Form No. 68 in terms of section\u00a0 270AA(2)\u00a0 seeking immunity from imposition of penalty under section 270A of the Act . Department passed the order denying the immunity from penalty and prosecution on the ground that since no order under section 270AA had been passed by the jurisdictional Assessing Officer within the statutory time line . On writ the Court held that\u00a0 the\u00a0 object of the section to encourage \/ incentivize a tax payer\u00a0 to fast -track settlement of issue and to recover tax demand and reduce protracted litigation . Consequently the order passed under section 270A\u00a0 of the Act was set aside\u00a0 the Department was directed to grant immunity under section 270AA of the Act . Relied on\u00a0 Schneider Electric South East Asia (HQ) v .ACIT (IT)\u00a0 (WP ( C) 5111 \/ 2022\u00a0 \u00a0\u00a0( WP( C) 5839\/2022 & CM Appl. 17517-17518 , dt. 8 -4 -2022 )( AY. 2018 -19)\u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S.270AA: Immunity from imposition of penalty ,etc- Object of the section to encourage \/ incentivize a tax payer to fast -track settlement of issue and to recover tax demand and reduce protracted litigation \u2013 Order set aside and directed the Department to grant immunity under the Act .[ S. 270A, 274, Art . 226 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-29838","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7Lg","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=29838"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29838\/revisions"}],"predecessor-version":[{"id":29839,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29838\/revisions\/29839"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=29838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=29838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=29838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}