Benami property immunity: Initiating officer may tender immunity for full disclosure, subject to withdrawal and prosecution. Section 55A permits the Initiating Officer, with prior sanction of the competent authority, to tender immunity from prosecution to a benamidar or other person (excluding the beneficial owner) in return for a full and true disclosure of the benami transaction; such immunity applies only to the offence and penalties under section 53 as specified. If the recipient wilfully conceals facts, gives false evidence, or fails to comply, the Initiating Officer may record a finding and, with prior sanction, withdraw the immunity, after which the person may be tried and held liable for offences and penalties connected with the transaction.