As per the provision of section 270AA , the pre-condition for Immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C or section 276CC the assessee has to fulfil the following conditions :-
-An assessee can make an application to the Assessing Officer for grant of immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C or section 276CC, provided he pays the tax and interest payable as per the order of assessment or reassessment within the period specified in such notice of demand and does not prefer an appeal against such assessment order.
-The assessee can make such application within one month from the end of the month in which the order of assessment or reassessment is received in the form and manner, as may be prescribed.

-Immunity from initiation of penalty and proceeding under section 276C will be granted if the penalty proceedings under section 270A has not been initiated on account of the of misreporting u/s 270A.

-The Assessing Officer shall pass an order accepting or rejecting such application within a period of one month from the end of the month in which such application is received. However, in the interest of natural justice, no order rejecting the application shall be passed by the Assessing Officer unless the assessee has been given an opportunity of being heard.

-The order of Assessing Officer under the said section shall be final.

-No appeal under section 246A or an application for revision under section 264 shall be admissible against the order of assessment or reassessment referred to in clause (a) of sub-section (1), in a case where an order under section 270AA has been made accepting the application.
– By virtue of amendment in section 249 and section 253, an appeal against order of rejection passed under section 270AA is to be made before the Commissioner (Appeals) within thirty days of the receipt of the notice of demand relating to an assessment order. The period beginning from the date on which such application is made to the date on which the order rejecting the application is served on the assessee shall be excluded for calculation of the thirty days period.
-In case of penalty on under-reported income which is not as a consequence of misreporting the Assessing Officer is bound to grant immunity subject to fulfilment of other conditions.
– In case of misreporting AO has a discretion the issue is debatable .
-When all conditions are satisfied ,if the Assessing Officer reject the application , the assessee may file writ before the High Court
-As of now no judicial precedent is available on the interpretation of section 270AA of the Act .
Conditions for waiver of penalty u/s 273A is different .
-Section begins with the non obstante clause ‘notwithstanding anything contained in this Act’…….. . The competent Authority has got an overriding power while exercising his discretion u/s 273A ,in view of the non obstante clause therein
– The assessee can avail the benefit of this provision only once but the assessee can make an application for number of years
– The assessee can make an application for penalties levied or leviable
-There is no from is prescribed for making an application for waiver

-Application can be made at any time . The application can be made even after penalty is confirmed by the Income Tax Appellate Tribunal
– Return should have been filed voluntarily before issue of notice u/s 139( 2 )or issue of notice u/s 148 of the Act
-The assessee has to pay the tax on the income disclosed or made satisfactory arrangement for the payment of any tax or interest payable in consequence of an order passed under the Act in respect of relevant assessment year

-The assessee also co -operated in any inquiry relating to assessment of his income
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-Penalty can be waived fully or partly
– Section 273A(4) grants additional power to the Competent Authority to grant relief in respect of penalty levied or leviable in case of genuine hardship to the assessee and the assessee has co -operated in any inquiry relating to assessment or any proceedings for the recovery of any amount due from the assessee. However the additional power is not available for waiver of interest .
-Once the penalty is waived ether fully or partly the competent Authority cannot lunch the prosecution u/s 279 of the Act for the relevant assessment year of waiver or reduction of penalty .

-Proceedings u/s 273A is a quasi judicial proceedings , the Competent Authority is expected to pass speaking order , which should be fair , reasonable , just fine and bonafide , but not arbitrary

-No appeal can be filed against the rejection of application , however the assessee can file writ before the High Court
-There are judicial precedents are available on interpretation of section. 273A of the Act .

Based on the above , Answer to Question No 1 is the assessee may not be able to get the immunity u/s 270AA as the time limit is over there is no power to condone the delay . Q. no 2. The assessee can make an application for waiver u/s 273A of the Act .