Insertion of new section 278AB
Section 54 of the Finance Act, 2008 deals with insertion of new section 278AB. Insertion of new section 278AB. 54. After section 278AA of the Income-tax Act, the following section shall be inserted, namely:— "278AB.
Insertion of new section 278AB.
54. After section 278AA of the Income-tax Act, the following section shall be inserted, namely:—
"278AB. Power of Commissioner to grant immunity from prosecution.—(1) A person may make an application to the Commissioner for granting immunity from prosecution, if he has made an application for settlement under section 245C and the proceedings for settlement have abated under section 245HA.
(2) The application to the Commissioner under sub-section (1) shall not be made after institution of the prosecution proceedings after abatement.
(3) The Commissioner may, subject to such conditions as he may think fit to impose, grant to the person immunity from prosecution for any offence 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:
Provided that where the application for settlement under section 245C had been made before the 1st day of June, 2007, the Commissioner may grant immunity from prosecution for any offence under this Act or under the Indian Penal Code (45 of 1860) or under any other Central Act for the time being in force.
(4) The immunity granted to a person under sub-section (3) shall stand withdrawn, if such person fails to comply with any condition subject to which the immunity was granted and thereupon the provisions of this Act shall apply as if such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(5) The immunity granted to a person under sub-section (3) may, at any time, be withdrawn by the Commissioner, if he is satisfied that such person had, in the course of any proceedings, after abatement, concealed any particulars material to the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 may be tried for the offence with respect to which the immunity was granted or for any other offence of which he appears to have been guilty in connection with the proceedings.".
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Section 54, The Finance Act, 2008.
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Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
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Questions about Section 54
What does Section 54 of the Finance Act deal with?
Section 54 of the Finance Act is headed "Insertion of new section 278AB". Insertion of new section 278AB. 54. After section 278AA of the Income-tax Act, the following section shall be inserted, namely:— "278AB.
How do I find court cases under Section 54 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2008 54, section 54 Finance Act 2008, section 54 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 54 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 278AA (Punishment not to be imposed in certain cases), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2008. India Code records no commencement date for it. It is in force as at the date shown on this page.
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