Section 58 - Amendment of section 18B - Taxation Laws (Amendment) Act, 1984

58. Amendment of section 18B. In section 18B of the Wealth-tax Act, in sub-section (1), with effect from the 1st day of October, 1984, (a) the Explanation shall be numbered as Explanation 1; and (b) after Explanation 1 as so numbered, the following Explanation shall be inserted, namely: Explanation 2. Where any books of account or other documents belonging to a person are seized under section 37A and within fifteen days of such seizure, the person makes a full and true disclosure of his net wealth to the Commissioner such person shall, for the purposes of clause (b) of this sub-section, be deemed to have made, prior to the detection by the Wealth-tax Officer of the concealment of particulars of assets or of the inaccuracy of particulars furnished in respect of any asset or debt in respect of which the penalty is imposable, voluntarily and in good faith a disclosure of such particulars, ;