Immunity from imposition of penalty and initiation of proceeding u/s 276C or 276CC - Section 270AA - Income Tax - Ready Reckoner - Income Tax

Immunity from imposition of penalty and initiation of proceeding u/s 276C or 276CC - Section 270AA Read with Rule 129 [ w.e.f. 01st April 2017 ] (1) Conditions to be fulfilled for making an application for grant of immunity from imposition of penalty u/s 270A and initiation of proceedings u/s 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 section 276CC , if he fulfils the following conditions, namely:- the tax and interest payable as per the order of assessment or reassessment u/s 143(3) or section 147 , as the case may be, has been paid within the period specified in such notice of demand; and no appeal against the order of assessment or reassessment u/s 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 u/s 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 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 section 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) (4) Time Limit for passing order 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, No order rejecting the application shall be passed unless the assessee has been given an opportunity of being heard. [Section 270AA(4)] The order made under section 270AA(4) shall be final. [Section 270AA(5)] (6) No appeal in case where an order under section 270AA(4) has been made accepting the application No appeal under section 246 [ Appealable orders before Joint Commissioner (Appeals) ] [ Amended by FA, 2023 ] or No appeal under section 246A [ Appealable orders before Commissioner (Appeals) ] or an application for revision under section 264 [ Revision of other orders ] shall be admissible against the order passed u/s 270AA(1)(a) of assessment or reassessment.