What is Power of [Principal Commissioner or] Commissioner to grant immunity from penalty? What is the meaning Penalty not to be imposed in certain cases? Section 273AA and 273B of Income Tax Act 1961

Power of [Principal Commissioner or] Commissioner to grant immunity from penalty and Penalty not to be imposed in certain cases are defined under section 273AA and 273B of Income Tax Act 1961. Provisions under these Sections are:

Section 273AA of Income Tax Act "Power of [Principal Commissioner or] Commissioner to grant immunity from penalty"

273AA. (1) A person may make an application to the Principal Commissioner or Commissioner for granting immunity from penalty, 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 Principal Commissioner or Commissioner under sub-section (1) shall not be made after the imposition of penalty after abatement.

 

(3) The Principal Commissioner or Commissioner may, subject to such conditions as he may think fit to impose, grant to the person immunity from the imposition of any penalty under this Act, if he is satisfied that the person has, after the abatement, co-operated with the income-tax authority in the proceedings before him and has made a full and true disclosure of his income and the manner in which such income has been derived.

(3A) The order under sub-section (3), either accepting or rejecting the application in full or in part, shall be passed within 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:

Provided that 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:

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(4) The immunity granted to a person under sub-section (3) shall stand withdrawn, if such person fails to comply with any condition subject to which the immunity was granted and thereupon the provisions of this Act shall apply as if such immunity had not been granted.

(5) The immunity granted to a person under sub-section (3) may, at any time, be withdrawn by the Principal Commissioner or Commissioner, if he is satisfied that such person had, in the course of any proceedings, after abatement, concealed any particulars material to the assessment from the income-tax authority or had given false evidence, and thereupon such person shall become liable to the imposition of any penalty under this Act to which such person would have been liable, had not such immunity been granted.

 

 

Section 273B of Income Tax Act "Penalty not to be imposed in certain cases"

273B. Notwithstanding anything contained in the provisions of clause (b) of sub-section (1) of section 271, section 271A, section 271AA, section 271B, section 271BA, section 271BB, section 271C, section 271CA, section 271D, section 271E, section 271F, section 271FA, section 271FAB, section 271FB, section 271G, section 271GA, section 271GB, section 271H, section 271-I, section 271J, clause (c) or clause (d) of sub-section (1) or sub-section (2) of section 272A, sub-section (1) of section 272AA or section 272B or sub-section (1) or sub-section (1A) of section 272BB or sub-section (1) of section 272BBB or clause (b) of sub-section (1) or clause (b) or clause (c) of sub-section (2) of section 273, no penalty shall be imposable on the person or the assessee, as the case may be, for any failure referred to in the said provisions if he proves that there was reasonable cause for the said failure.

 

Income Tax Act 1961

What is Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc? Section 272A of Income Tax Act 1961

What is Penalty for failure to comply with the provisions of section 133B? What is Penalty for failure to comply with the provisions of section 139A? Section 272AA and 272B of Income Tax Act 1961

What is Penalty for failure to comply with the provisions of section 203A? Penalty for failure to comply with the provisions of section 206CA? Section 272BB and 272BBB of Income Tax Act 1961

What is False estimate of, or failure to pay, advance tax? What is Power to reduce or waive penalty, etc., in certain cases? Section 273 and 273A of Income Tax Act 1961

What is Power of [Principal Commissioner or] Commissioner to grant immunity from penalty? What is the meaning Penalty not to be imposed in certain cases? Section 273AA and 273B of Income Tax Act 1961

What is Procedure? What is Bar of limitation for imposing penalties? Section 274 and 275 of Income Tax Act 1961

What is Contravention of order made under sub-section (3) of section 132? What is Failure to comply with the provisions of clause (iib) of sub-section (1) of section 132? Section 275A and 275B of Income Tax Act 1961

What is Removal, concealment, transfer or delivery of property to thwart tax recovery? What is Failure to comply with the provisions of sub-sections (1) and (3) of section 178? Section 276 and 276A of Income Tax Act 1961

What is Failure to comply with the provisions of sections 269UC, 269UE and 269UL? What is Failure to pay tax to the credit of Central Government under Chapter XII-D or XVII-B? Section 276AB and 276B of Income Tax Act 1961

What is Failure to pay the tax collected at source? What is Willful attempt to evade tax, etc? Section 276BB and 276C of Income Tax Act 1961

What is Failure to furnish returns of income? What is Failure to furnish return of income in search cases? Section 276CC and 276CCC of Income Tax Act 1961

What is Failure to produce accounts and documents? What is False statement in verification, etc? Section 276D and 277 of Income Tax Act 1961