Section 205 - Immunity from initiation of proceedings in respect of offence and imposition of penalty in certain cases. - Finance Act, 2016

Immunity from initiation of proceedings in respect of offence and imposition of penalty in certain cases. 205 . The designated authority shall, subject to the conditions provided in section 204, 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 202; or (ii) tax arrear covered in the declaration to the extent the penalty exceeds the amount of penalty referred to in sub-clause (b) of clause (I) of section 202; (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 202; (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 202.