Power of Settlement Commission to grant immunity.

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....the settlement, from—           (a) imposition of any penalty under this Code or under the Income-tax Act, 1961 or the Wealth-tax Act, 1957 as they stood immediately before the commencement of this Code; or           (b) prosecution for any offence under this Code or under the Income-tax Act, 1961 or ....

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....specified in the order passed under sub-section (1) of section 277 within the time allowed by the Settlement Commission;       (b) fails to comply with any other condition subject to which the immunity was granted; or       (c) had, in the course of the settlement proceedings, concealed any particular material to the settlement or given false....