Share |

[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.
Get Updated ....
Tally.ERP 9 Book
Guide & FAQ on Tax Knowledgebase @ Taxation Income Tax @ Glance HUF - Formation, Planning & Taxation
Charitable & Religious TRUST NRI (Tax Planning,Saving,Investemnt) Budget 2017-2018 GST (FAQ, Law, Act. Rules, Schedule, Enrollment)

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may click here to visit the web site of Income Tax Department for resolving their doubts or for clarifications