Section 57 - Amendment of section 18 - Taxation Laws (Amendment) Act, 1984

57. Amendment of section 18. In section 18 of the Wealth-tax Act, in sub-section (1), after Explanation 4, the following Explanation shall be inserted with effect from the 1st day of October, 1984, namely:- Explanation 5. Where in the course of a search under section 37A, the assessee is found to be the owner of any money, bullion, jewellery or other valuable article or thing (hereafter in this Explanation referred to as assets) and the assessee claims that such assets represent or form part of his net wealth,- (a) on any valuation date falling before the date of the search, but the return in respect of the net wealth on such date has not been furnished before the date of the search or, where such return has been furnished before the said date such assets have not been declared in such return; or (b) on any valuation date falling on or after the date of the search, then, notwithstanding that such assets are declared by him in any return of net wealth furnished on or after the date of the search, he shall, for the purposes of imposition of a penalty under clause (c) of sub-section (1) of this section, be deemed to have concealed the particulars of such assets or furnished inaccurate particulars, of such assets, unless such assets are recorded, (i) in a case falling under clause (a), before the date of the search; and (ii) in a case falling under clause (b), on or before such date, in the books of account, if any, maintained by him or such assets are otherwise disclosed to the Commissioner before the said date. .