HC grants immunity as in Section 270A Penalty notice AO failed to specify the limb under which Penalty was levied

Schneider Electric South East Asia (HQ) PTE Ltd Vs ACIT (Delhi High Court) Mere mention of ‘misreporting’ for denying immunity from penalty, manifestly arbitrary; Notice without ‘specific limb’, unreasonable Delhi High Court allows Schneider Electric’s writ petition, quashes order rejecting immunity under Section 270AA(4) and directs Revenue to grant immunity from penalty under Section 270A; High Court holds that the Revenue merely stated misreporting of income in the assessment order to deny immunity from imposition of penalty which is manifestly arbitrary and failed to show which l...