Power of Principal Commissioner or Commissioner to grant immunity from penalty - Section 273AA

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....issioner or Commissioner for granting immunity from penalty, if- * he has made an application for settlement u/s 245C and the proceedings for settlement have abated u/s 245HA; and * the penalty proceedings have been initiated under this Act. (2) Application cannot be made after imposition of penalty after abatement [ Section 273AA(2) ] The application to the Principal Commissioner or Commis....

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....ithin a period of twelve months from the end of the month in which the application under the said sub-section is received by the Principal Commissioner or the Commissioner. However, no order rejecting the application, either in full or in part, shall be passed unless the assessee has been given an opportunity of being heard. where any application is pending as on the 1st day of June, 2016, the ....