Section 270AA of ITA, 1961 : Section 270Aa: Immunity From Imposition Of Penalty, Etc

Explanation using Example

Imagine Mr. Sharma received an assessment order from the Income Tax Department after a reassessment under section 147, determining additional tax and interest liabilities. The notice of demand specified a date by which the tax and interest should be paid.

Mr. Sharma, wanting to avoid penalties and prosecution, paid the full tax and interest as demanded within the specified period. He then decided not to appeal against the assessment order. Within one month from receiving the assessment order, Mr. Sharma made an application to the Assessing Officer under Sectio...

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