Case Law Analysis
|Income Tax Appellate Tribunal
Section 270AA Immunity Grants Finality; Rectification Under Section 154 Cannot Override Tax Assessment : ITAT Mumbai
ITAT Mumbai rules that immunity under Section 270AA of the Income Tax Act confers absolute finality on assessment orders, barring subsequent rectification under Section 154 to convert assessed losses into taxable income. The ruling protects assessees from post-immunity adjustments, reinforcing the binding nature of immunity grants.