Power of Principal Commissioner or Commissioner to grant immunity from penalty - Section 273AA

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..... or Commissioner for granting immunity from penalty, if- he has made an application for settlement under section 245C and the proceedings for settlement have abated u/s 245HA; and the penalty proceedings have been initiated under this Act. (2) Application cannot be made after imposition of penalty after abatement - The application to the Principal Commissioner or Commissioner u .....

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..... welve 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 However, no order rejecting the application, either in full or in part, shall be passed unless the assessee has been given an opportunity of being heard. (5) Immunity shall stand withdrawn, if there is failure to satisfy condition - Section .....

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