Section 62 - Amendment of section 18. - Finance Act, 2008

Amendment of section 18. 62. In section 18 of the Wealth-tax Act, after sub-section (1), the following subsection 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 clause (c) of 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 the said clause (c).".