1(1) An assessee may make an application to the Assessing Officer to grant immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C or section 276CC, if he fulfils the following conditions, namely:-
(a) the tax and interest payable as per the order of assessment or reassessment under sub-section (3) of section 143 or section 147, as the case may be, has been paid within the period specified in such notice of demand; and
(b) no appeal against the order referred to in clause (a) has been filed.
(2) An application referred to in sub-section (1) shall be made within one month from the end of the month in which the order referred to in clause (a) of sub-section (1) has been received and shall be made in such form and verified in such manner as may be prescribed.
(3) The Assessing Officer shall, subject to fulfilment of the conditions specified in sub-section (1) and after the expiry of the period of filing the appeal as specified in clause (b) of sub-section (2) of section 249, grant immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C or section 276CC, where the proceedings for penalty under section 270A has not been initiated under the circumstances referred to in sub-section (9) of the said section 270A.
(4) The Assessing Officer shall, within a period of one month from the end of the month in which the application under sub-section (1) is received, pass an order accepting or rejecting such application: Provided that no order rejecting the application shall be passed unless the assessee has been given an opportunity of being heard.
(5) The order made under sub-section (4) shall be final.
(6) No appeal under section 246A or an application for revision under section
264 shall be admissible against the order of assessment or reassessment,
referred to in clause (a) of sub-section (1), in a case where an order under
sub-section (4) has been made accepting the application.
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1. Ins. by Act 28 of 2016, s. 99 (w.e.f. 1-4-2017).
Section 270A Penalty for under reporting and misreporting of income
Section 270AA Immunity from imposition of penalty, etc
Section 271 Failure to furnish returns, comply with notices, concealment of income, etc
Section 271A Failure to keep, maintain or retain books of account, documents, etc
Section 271AAA Penalty where search has been initiated
Section 271AAB Penalty where search has been initiated
Section 271AAC Penalty in respect of certain income
Section 271B Failure to get accounts audited
Section 271BA Penalty for failure to furnish report under section 92E
Section 271BB Failure to subscribe to the eligible issue of capital