Wealth-tax Act, 1957 : Order under s. 13(1) : Direction to WTO and IAC not to initiate penalty proceedings under s. 18(1)(a) or 18(1)(c) in respect of any assessment year up to and including assessment year 1985-86 - Income Tax - Nil

Wealth-tax Act, 1957 : Order under s. 13(1) : Direction to WTO and IAC not to initiate penalty proceedings under s. 18(1)(a) or 18(1)(c) in respect of any assessment year up to and including assessment year 1985-86 Circular No.Nil Dated 14/2/1986 ORDER In exercise of the powers confered by sub-section (1) of section 13 of the Wealth-tax Act, 1961 (27 of 1957), the Central Board of Direct Taxes hereby directs that the Wealth-tax Officer and the Inspecting Assistant Commissioner of Wealth-tax shall not initiate any proceeding for imposition of a penalty on a person or impose penalty on him for an offence under clause (a) or clause (c) of sub-section (1) of section 18 in respect of any assessment year up to and including assessment year 1985-86 in a case, if he is satisifed that such person: (a) has prior to the detection by the Income-tax Officer, or, as the case may be, the Inspecting Assistant Commissioner of Wealth-tax, of the concealment of particulars of income or of the inaccuracy of particulars furnished in respect of any asset or debt, voluntarily and in good faith made between the 15th day of November, 1985, and the 31st day of March, 1986l, a full and true disclosure of such net wealth; (b) has, on or before the 31st March, 1986, paid the tax on the net wealth disclosed; and (c) has co-operated in any enquiry relating to the assessment of his net wealth. 2. This order shall come into force on the 17th day of February, 1986. (Sd.) S.K. Roy, Member (Investigation) Central Board of Direct Taxes. [F.No. 281/8/86-I.T.(INV.III)]