Power of Principal Commissioner or Commissioner to grant immunity from penalty.

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....ty, if- (a) he has made an application for settlement under section 245C and the proceedings for settlement have abated under section 245HA; and      (b) the penalty proceedings have been initiated under this Act. (2) The application to the ^2B[Principal Commissioner or] Commissioner under sub-section (1) shall not be made after the imposition of penal....

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....the application, either in full or in part, shall be passed unless the assessee has been given an opportunity of being heard: Provided further that where any application is pending as on the 1st day of June, 2016, the order shall be passed on or before the 31st day of May, 2017.] (4) The immunity granted to a person under sub-section (3) shall stand withdrawn, if such person fails to comply ....