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[Section 270AA] : Immunity from Imposition of Penalty and Initiation of Proceedings under Section 276C or 276CC

(1) Conditions to be fulfilled for making an application for grant of immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C or 276CC [Section 270AA(1)]

An assessee may make an application to the Assessing Officer to grant immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C or 276CC, if he fulfils the following conditions, namely:—

  1. the tax and interest payable as per the order of assessment or reassessment under section 143(3) or section 147, as the case may be, has been paid within the period specified in such notice of demand; and

  2. no appeal against the order of assessment or reassessment under section 143(3) or section 147 has been filed.

(2) Time period for making an application [Section 270AA(2)]

An application referred to in section 270AA(1) shall be made within one month from the end of the month in which the order referred to in section 270AA(1)(a) has been received and shall be made in Form No. 68 and verified in such manner as may be prescribed.

(3) The Assessing Officer shall grant immunity from imposition of penalty or initiation of proceedings under section 276C or 276CC except in case of misreporting of income [Section 270AA(3)]

The Assessing Officer shall—

— subject to fulfilment of the conditions specified in section 270AA(1) and

— after the expiry of the period of filing the appeal as specified in section 249(2)(b),

grant immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C or 276CC, where the proceedings for penalty under section 270A has not been initiated under the circumstances referred to in section 270A(9) (relating to misreporting of income). (See para 23.3(3) above).

'PENALTIES' Under Income Tax Act. 1961 [Section 270AA]

(4) Assessing Officer to pass an order within one month accepting or rejecting the application referred to in section 270AA(1) [Section 270AA(4)]

The Assessing Officer shall, within a period of one month from the end of the month in which the application under section 270AA(1) is received, pass an order accepting or rejecting such application:

However, no order rejecting the application shall be passed unless the assessee has been given an opportunity of being heard.

(5) Order passed under section 270AA(4) to be final [Section 270AA(5)]

The order made under section 270AA(4) shall be final.

(6) Assessment/reassessment order passed after accepting the application under section 270AA(4) is not appealable or subject to revision [Section 270AA(6)]

No appeal under section 246A or an application for revision under section 264 shall be admissible against the order of assessment or reassessment, referred to in section 270AA(1)(a), in a case where an order under section 270AA(4) has been made accepting the application.

Related Topics...Penalty

[Section 270AA] : Immunity from Imposition of Penalty and Initiation of Proceedings under Section 276C or 276CC
Penalties for different Defaults under Income Tax Act.
Penalty for default in making payment of Self Assessment Tax [Section 221(1)]
Penalty For Under-Reporting And Mis-Reporting Of Income (Section 270A)
'PENALTIES' Under Income Tax Act. 1961.
Power of Commissioner to Grant Immunity from Penalty [Section 273AA]
Power to Reduce or Waive Penalty (Section 273A)
Types of Penalties imposed under Income Tax Act. 1961

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