Amendment of Act 27 of 1957

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 1/2 per cent. Gold Bonds, 1977, and 7 per cent. Gold Bonds, 1980; ; (ii) in section 18, after sub-section (2), the following sub-sections shall be inserted, namely :- (2A) Notwithstanding anything contained in clause (i) or clause (iii) of sub-section (1), the Commissioner may, in his discretion, - (i) reduce or waive the amount of minimum penalty imposable on a person under clause (i) of sub-sect .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... s imposable, voluntarily and in good faith, made full and true disclosure of such particulars; (b) has co-operated in any enquiry relating to the assessment of the wealth represented by such assets; and (c) has either paid or made satisfactory arrangements for payment of any tax or interest payable in consequence of an order passed under this Act in respect of the relevant assessment year. (2B) An .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... g sub-section shall be inserted, namely :- (4A) Where any proceeding has been taken against any person under sub-section (3), any statement made or account or other document produced by such person before any of the Wealth-tax authorities specified in sections 8, 9, 10, 10A and 11 shall not be inadmissible as evidence for the purpose of such proceedings merely on the ground that such statement was .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X