Income-tax Act, 1961

Power of Principal Commissioner orCommissioner to grant immunity from penalty.

273AA. (1) A person may make an application to the Principal Commissioner or Commissioner for granting immunity from penalty, if-

(a)	-	he has made an application for settlement under section 245C and the proceedings for settlement have abated under section 245HA; and
(b)	-	the penalty proceedings have been initiated under this Act.

(2) The application to the Principal Commissioner or Commissioner under sub-section (1) shall not be made after the imposition of penalty after abatement.

(3) The Principal Commissioner or Commissioner may, subject to such conditions as he may think fit to impose, grant to the person immunity from the imposition of any penalty under this Act, if he is satisfied that the person has, after the abatement, co-operated with the income-tax authority in the proceedings before him and has made a full and true disclosure of his income and the manner in which such income has been derived.

(3A) The order under sub-section (3), either accepting or rejecting the application in full or in part, shall be passed within a period of twelve months from the end of the month in which the application under the said sub-section is received by the Principal Commissioner or the Commissioner: .... To read the full section download the app from Google Play store