9911796707
TMI Blog2022 (4) TMI 910X X X X Extracts X X X X X X X X Extracts X X X X ..... to any assessee on account of delay/default on the part of the Revenue. In the present case, the petitioner has satisfied the aforesaid conditions, inasmuch as,the tax has been paid on the additions, appeal has undisputedly not been filed; and penalty (as would be evident from the penalty notice) has been initiated on account of underreporting of income. Consequently, this Court is of the view that the petitioner acquired a right to be granted immunity under Section 270AA of the Act. This Court, in Schneider Electric South East Asia (HQ) Pte Ltd. [ 2022 (3) TMI 1295 - DELHI HIGH COURT] has held, This Court is further of the view that the impugned action of Respondent No.1 is contrary to the avowed Legislative intent of Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,16,28,054 as business income of the Petitioner and consequently assessed the total income of the Petitioner at a loss of ₹ 1,25,309/-, raising tax demand of Rs.NIL. She further states that a show cause notice dated 22nd February, 2021 seeking to levy penalty under Section 270A read with Section 274 of the Act was issued by Respondent requiring the Petitioner to show cause as to why the penalty for underreported income be not levied. 3. Learned counsel for the petitioner states that the Petitioner filed an application dated 3 rd March, 2021 before the respondent in Form No.68 in terms of Section 270AA(2) seeking immunity from imposition of penalty under Section 270A of the Act. She states that the Respondent issued the impugned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rejudice can be caused to any assessee on account of delay/default on the part of the Revenue. 7. In the present case, the petitioner has satisfied the aforesaid conditions, inasmuch as, (i) the tax has been paid on the additions; (ii) appeal has undisputedly not been filed; and (iii) penalty (as would be evident from the penalty notice) has been initiated on account of underreporting of income. 8. Consequently, this Court is of the view that the petitioner acquired a right to be granted immunity under Section 270AA of the Act. In fact, this Court, in Schneider Electric South East Asia (HQ) Pte Ltd. Vs. Asst. Commissioner of Income Tax International Taxation Circle 3(1)(2), New Delhi and Ors., WP(C) 5111/2022, ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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