77[Power of Commissioner to grant immunity from penalty.
18BA. (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 22C and the proceedings for settlement have abated under section
22HA; 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 wealth-tax authority in the proceedings before him and has made a full
and true disclosure of his net wealth and the manner in which such net wealth
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immunity granted to a person under sub-section (3) shall stand withdrawn, if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time, be withdrawn by the Commissioner, if he is satisfied that such person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 wealth-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.]