Penalty immunity for taxpayers who pay assessed tax and interest and do not file appeal, subject to a prescribed application process. An assessee may apply for immunity from penalty and initiation of related proceedings by paying tax and interest as per an assessment or reassessment within the demand period and refraining from filing an appeal. The application, in prescribed form, must be filed within one month from the end of the month of receipt of the assessment order. The Assessing Officer, after the appeal period has expired and if penalty proceedings have not already been initiated for qualifying misreporting circumstances, shall decide the application within one month from the end of the month of receipt, provide a hearing before rejection, and issue a final order. Where immunity is granted, no appeal or revision is admissible against the assessment or reassessment.