Section 270AA immunity cannot be availed in case of misreporting of income

Ultimate Infratech Private Limited Vs National Faceless Assessment Centre Delhi & Anr. (Delhi High Court) 1. Only in cases where proceedings for levy of penalty have been initiated on account of alleged misreporting of income that an assessee is prohibited from applying and availing the benefit of immunity from penalty and prosecution under Section 270AA. 2. The statutory scheme for grant of immunity is based on satisfaction of three fundamental conditions, namely, (i) payment of tax demand; (ii) non-institution of appeal; and (iii) initiation of penalty on account of underreporting of inc...