67[Power of Commissioner to grant immunity from penalty.
273AA. (1) A person may make
an application to the 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 Commissioner under sub-section
(1) shall not be made after the imposition of penalty after abatement.
(3) The 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.
(4) The immunity granted to a person under sub-section
(3) shall stand withdrawn, if such person fails to comply with any condition
subject to which the immunity was granted and thereupon the provisions of this
Act shall apply as if such immunity had not been granted.
(5) The immunity granted to a person under sub-section
(3) may, at any time, be withdrawn by the Commissioner, if he is satisfied that
such person had, in the course of any proceedings, after abatement, concealed
any particulars material to the assessment from the income-tax authority or had
given false evidence, and thereupon such person shall become liable to the
imposition of any penalty under this Act to which such person would have been
liable, had not such immunity been granted.]