9911796707
TMI BlogAmendment of section 18X X X X Extracts X X X X X X X X Extracts X X X X ..... ion to the amount of wealth-tax payable by him, a sum which! shall not be less than ten per cent., but which shall not exceed fifty per cent. of the amount of the wealth-tax, if any, which would have been avoided if the net wealth returned by such person had been accepted as the correct net wealth; (iii) an the cases referred to in clause (c), in addition to any wealth-tax payable by him, a sum which shall not be less than, but which shall not exceed five times, the amount of tax sought to be evaded by reason of the concealment of particulars of any assets or the furnishing of inaccurate particulars in respect of any assets or debts. Explanation 1- For the purposes of clause (iii) of this subsection, the expression "the amount of tax so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve been disclosed by him. Explanation 3.-Where any person who has not previously been assessed under this Act fails, without' reasonable cause, to furnish within the period specified, in clause (a) or, as the case may be, clause (b) of sub-section (1) of section 17A a return of his net wealth which he is required to furnish under section 14 in respect of any assessment) year and, until the expiry of either of the periods applicable to him, no notice had been issued to him under sub-section (2) of section 14-of sub-section (1) of section 17 and the Wealth tax Officer or the Appellate Assistant Commissioner is satisfied that in respect of such assessment year such person has assessable net wealth, "then, such; person shall, for the purp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... twithstanding anything contained in this section, the penalty imposed under clause (iii)of sub-section (1)read with Explanation 3 to that sub-section and the penalty imposed under clause (i) of that sub-section shall not exceed, in the aggregate, five times the amount of the tax sought to be evaded."; (v) for the Explanation below sub-section (5), the following Explanation shall be substituted, namely: - "Explanation.-In computing the period of limitation for the purposes of this section,- (i) any period during which the immunity granted under section 22H remained in force; (ii) the time taken in giving an opportunity to the assesses to be re-heard under the proviso to section 39; and (iii) any period during which a proceeding und ..... X X X X Extracts X X X X X X X X Extracts X X X X
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