Insertion of new section 273AA.

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..... 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, s .....

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..... 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.". - - statute, statutory provisions legislation, law, .....

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