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of <h1>Individuals can seek penalty immunity under Section 273AA if they meet conditions after settlement proceedings abate.</h1> Section 273AA of the Income-tax Act allows individuals to apply for immunity from penalties to the Commissioner if they have applied for settlement under section 245C and proceedings have abated under section 245HA, with penalties initiated. Applications must be made before penalties are imposed post-abatement. The Commissioner may grant immunity if the individual cooperates with tax authorities and fully discloses their income. Immunity can be revoked if conditions are breached or if the individual conceals material facts or provides false evidence, resulting in liability for penalties as if immunity was never granted.
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