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58. Amendment of section 18. |
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In section 18 of the Wealth-tax Act, after sub-section (1), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1989, namely:
(1A) Where any amount is added or disallowed in computing the net wealth of an assessee in any order of assessment or reassessment and the said order contains a direction for initiation of penalty proceedings under sub-section (1), such an order of assessment or reassessment shall be deemed to constitute satisfaction of the Assessing Officer for initiation of the penalty proceedings under sub-section (1).".
Clause 58 seeks to amend section 18 of the Wealth-tax Act, which relates to failure to furnish returns, comply with notices, concealment of income, etc.
It is proposed to insert a new sub-section (1A) in this section so as to provide that where any amount is added or disallowed in computing the net wealth of an assessee in any order of assessment or reassessment and if such order contains a direction for initiation of penalty proceedings under sub-section (1), such an order of assessment or reassessment shall be deemed to constitute satisfaction of the Assessing Officer for initiation of the penalty proceedings under sub-section (1).
This amendment will take effect retrospectively from 1st April, 1989.
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