Summary
- The Bombay High Court has ruled that under the amended Section 270AA, an assessee can seek a waiver of penalty even for misreporting of income, following the Finance Act, 2026.
- The court clarified that a previous rejection of an immunity application does not prevent a fresh application after a penalty order is issued.
- In this case, the petitioner successfully fulfilled all conditions for relief, leading to the quashing of the Assessing Officer's rejection of her second application.
- This ruling underscores the mandatory nature of granting relief under Section 270AA once statutory conditions are met, reshaping potential outcomes for taxpayers facing similar penalties.
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