India - Income Tax Act 2010 - Saarc

1.923 CH. XXI - PENALTIES IMPOSABLE S. 273AAin relation to any assessment for the assessment year commencing on the 1st dayof April, 1988, or any earlier assessment year, and references in this section to theother provisions of this Act shall be construed as references to those provisionsas for the time being in force and applicable to the relevant assessment year.]66[(7) Notwithstanding anything contained in sub-section (6), the provisions ofsub-section (1), sub-section (2), or, as the case may be, sub-section (4) [as theystood immediately before their amendment by the Direct Tax Laws (Amendment)Act, 1989 (3 of 1989)], shall apply in the case of reduction or waiver ofpenalty or interest in relation to any assessment for the assessment yearcommencing on the 1st day of April, 1988 or any earlier assessment year, withthe modifications that the power under the said sub-section (1) shall be exercisableonly by the Commissioner and instead of the previous approval of the Board,the Commissioner shall obtain the previous approval of the Chief Commissioneror Director General, as the case may be, while dealing with such case.]67[Power of Commissioner to grant immunity from penalty.273AA. (1) A person may make an application to the Commissioner for grantingimmunity from penalty, if—(a) he has made an application for settlement under section 245C and theproceedings 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 madeafter the imposition of penalty after abatement.(3) The Commissioner may, subject to such conditions as he may think fit toimpose, grant to the person immunity from the imposition of any penalty underthis Act, if he is satisfied that the person has, after the abatement, co-operatedwith the income-tax authority in the proceedings before him and has made a fulland true disclosure of his income and the manner in which such income has beenderived.(4) The immunity granted to a person under sub-section (3) shall stand withdrawn,if such person fails to comply with any condition subject to which theimmunity was granted and thereupon the provisions of this Act shall apply as ifsuch immunity had not been granted.(5) The immunity granted to a person under sub-section (3) may, at any time, bewithdrawn by the Commissioner, if he is satisfied that such person had, in thecourse of any proceedings, after abatement, concealed any particulars materialto the assessment from the income-tax authority or had given false evidence, andthereupon such person shall become liable to the imposition of any penalty underthis Act to which such person would have been liable, had not such immunitybeen granted.]66. Inserted by the Finance Act, 1994, w.e.f. 1-6-1994.67. Inserted by the Finance Act, 2008, w.e.f. 1-4-2008.