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of <h1>Section 273AA: Apply for Penalty Immunity Post-Abatement, Conditions Apply for Full Disclosure and Cooperation.</h1> Section 273AA of the Income-tax Act, introduced by the Finance Act, 2008, allows individuals to apply for immunity from penalties to the Commissioner if they have sought settlement under section 245C and the proceedings have abated under section 245HA. This application must be made before any penalty is imposed post-abatement. The Commissioner can grant immunity if the individual has cooperated with tax authorities and disclosed their income fully and truthfully. Immunity can be withdrawn if conditions are violated or if the individual is found to have concealed material facts or provided false evidence, resulting in liability for penalties.
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