[F] Power of Commissioner to Grant Immunity from Penalty
[Section 273AA]

(1)       A person may make an application to the commissioner for granting immunity from penalty :  if

(a) he has applied for settlement u/s 245C and the proceedings for settlement have abated u/s 245HA; and

(b) the penalty proceedings have been initiated under this Act.

(2)       The application for immunity shall not be made after the imposition of penalty after abatement.

(3)       The Commissioner may grant immunity from imposition of penalty if Commissioner is satisfied that the person after the abatement co-operated with the income-tax authority and has made full and true disclosure of his income and the manner in which such income has been derived. Certain conditions may also be imposed by the Commissioner.
More Topics ... @ Penalty

[A]    Types of Penalties imposed under Income Tax Act. 1961.

[B]     Power to Reduce or Waive Penalty, etc. in certain cases (Section 273 A)
[C]    Stay or Compounding proceedings [Section 273 A (4)]
[D]    Procedure for imposing Penalty [Section 274]
[E]     Time limits of commencement and completion of Penalty proceedings (Section 275)
[F]     Power of Commissioner to Grant Immunity from Penalty [Section 273AA]
[G]    Summary Of Provisions Relating To Penalties
[H]    Important Notes on Penalty under Income Tax Act. 1961.
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