273AA. (1) A person may make an application to the 30a[Principal Commissioner or] Commissioner for granting immunity from penalty, if—
(b) the penalty proceedings have been initiated under this Act.
(2) The application to the 30b[Principal Commissioner or] Commissioner under sub-section (1) shall not be made after the imposition of penalty after abatement.
(3) The 30b[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.
(4) The immunity granted to a person under sub-section (3) shall stand withdrawn, if such person fails to comply with any condition subject to which the immunity was granted and thereupon the provisions of this Act shall apply as if such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(5) The immunity granted to a person under sub-section (3) may, at any time, be withdrawn by the 30b[Principal Commissioner or] Commissioner, if he is satisfied that such person had, in the course of any proceedings, after abatement, concealed any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.]