Clause 202 - Immunity from initiation of proceedings in respect of offence and imposition of penalty in certain cases - Finance Bill, 2016

Immunity from initiation of proceedings in respect of offence and imposition of penalty in certain cases 202. The designated authority shall, subject to the conditions provided in section 201, grant- (a) immunity from instituting any proceedings in respect of an offence under the Income-tax Act or the Wealth-tax Act, as the case may be; or, (b) immunity from imposition or waiver, as the case may be, of penalty under the Income-tax Act or the Wealth-tax Act, as the case may be, in respect of,- (i) specified tax covered in the declaration under section 199; or (ii) tax arrear covered in the declaration to the extent the penalty exceeds the amount of penalty referred to in clause (j) of section 199; (c) waiver of interest under the Income-tax Act or the Wealth-tax Act, as the case may be, in respect of,- (i) specified tax covered in the declaration under the section 199; (ii) tax arrear covered in the declaration to the extent the interest exceeds the amount of interest referred to in sub-clause (a) of clause (I) of section 199.