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TMI Blog2025 (1) TMI 1490X X X X Extracts X X X X X X X X Extracts X X X X ..... on (2) of section 270A of the Act. So it cannot be said that the case of the appellant falls under subsection (9) of section 270A of the Act. Under the circumstances the AO was neither justified in rejecting the application u/s. 270AA of the Act nor ought not have levied penalty holding the appellant is guilty of misreporting of income. It is the settled position of law that when penalty proceedings were initiated invoking one limb of section 270A, penalty cannot be levied under another limb of this section. As decided in Prem Brothers Infrastructure LLP [2022 (6) TMI 130 - DELHI HIGH COURT] AO as well as assessee had used same details to arrive at different quantum of disallowances, this by no stretch of imagination could be held to be m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act by holding that the appellant is guilty of misreporting of income. In response to the show cause notice u/s. 270A dated 13.02.2023, the appellant submitted that the question of levy of penalty does not arise, inasmuch as, the income was offered voluntarily and also that the application u/s. 270AA of the Act seeking immunity from imposition of penalty was filed in the prescribed form. On due consideration of the above submission of the assessee the AO proceeded to hold that the appellant is not eligible for immunity as envisaged u/s. 270AA of the Act for the reason that penalty proceedings were initiated for misreporting of income and also levied penalty of Rs. 7,31,094/- being 200% of the tax vide order dated 07.08.2023. 4. Being ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome of Rs. 18,08,000/-. The returned income was accepted in the assessment proceedings u/s. 143(3) r.w.s. 147 of the Act. The appellant had not filed any appeal against the assessment order and also tax due on assessed income along with interest payable as per the order of assessment had been paid within the period specified. Thus, the appellant had fulfilled the two necessary ingredients, for the purpose of availing of immunity u/s. 270AA of the Act. The AO levied penalty u/s. 270A of the Act by rejecting the application u/s. 270AA by holding that the appellant is guilty of misreporting of income as envisaged under the provisions of subsection (9) of section 270A of the Act. In the circumstances narrated supra the case of the appellant d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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