Clarification on the immunity provided u/s 270AA of the Income-tax Act, 1961

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..... 0AA of the Income-tax Act, 1961 Section 270AA of the Income-tax Act, 1961 (the Act) inter alia provides that w.e.f. 1st April, 2017, the Assessing Officer, on an application made by an assessee, may grant immunity from imposition of penalty under section 270A (not being penalty for misreporting) and initiation of proceedings under section 276C or section 276CC , subject to the condit .....

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..... e-tax Authority, shall not take an adverse view in the proceedings for penalty under section 271(1)(c) of the Act in earlier assessment years merely on the ground that the assessee has acquiesced on the issue in any later assessment year by preferring an immunity on such issue under section 270AA of the Act . (Sanyam Suresh Joshi) DCIT (OSD) (TPL)-III - Circular - Trade Notice .....

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