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of <h1>Settlement Commission may grant immunity under Wealth Tax Act 1957 for full disclosure, cooperation; restrictions apply.</h1> The Settlement Commission under the Wealth Tax Act, 1957, can grant immunity from prosecution to applicants who fully disclose their net wealth and cooperate with the proceedings. Immunity may cover offenses under this Act, the Indian Penal Code, or other Central Acts, as well as penalties. However, immunity cannot be granted if prosecution proceedings were initiated before the application or for offenses under the Indian Penal Code for applications made after June 1, 2007. Immunity can be withdrawn if the applicant fails to comply with settlement conditions or conceals material information, leading to potential prosecution and penalties.
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