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Home Acts & Rules Wealth-tax Act Wealth Tax Act, 1957 Chapters List Chapter IV Assessment This
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Section 18 - Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc. - Wealth Tax Act, 1957

Extract

..... inaccurate particulars in respect of any assets or debts : 12[Provided that in the cases referred to in clause (b), no penalty shall be imposable if the person proves that there was a reasonable cause for the failure referred to in that clause.] Explanation 1.-For the purposes of clause (iii) of this sub-section, the expression "the amount of tax sought to be evaded"- (a) in a case to which Explanation 3 applies, means the tax on the net wealth assessed ; (b) in any other case, means the difference between the tax on the net wealth assessed and the tax that would have been chargeable had the net wealth assessed been reduced by the amount which represents the value of any assets in respect of which particulars have been concealed or inaccurate particulars have been furnished and of any debts in respect of which inaccurate particulars have been furnished. Explanation 2.-Where in respect of any facts material to the computation of the net wealth of any person under this Act,- (A) such person fails to offer an explanation or offers an explanation which is found by the 13[Assessing Officer] or the 14[Deputy Commissioner (Appeals)] 15[or the Commissioner (Ap­peals)] 16[or the Commis .....

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Section 18 - Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc. - Wealth Tax Act, 1957

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..... falling before the date of the search, but the return in respect of the net wealth on such date has not been furnished before the date of the search or, where such return has been furnished before the said date, such assets have not been declared in such return ; or (b) on any valuation date falling on or after the date of the search, then, notwithstanding that such assets are declared by him in any return of net wealth furnished on or after the date of the search, he shall, for the purposes of imposition of a penalty under clause (c) of sub-section (1) of this section, be deemed to have concealed the particulars of such assets or fur­nished inaccurate particulars of such assets, 22[unless- (1) such assets are recorded,- (i) in a case falling under clause (a), before the date of the search ; and (ii) in a case falling under clause (b), on or before such date, in the books of account, if any, maintained by him or such assets are otherwise disclosed to the 23[Chief Commissioner or Commis­sioner] before the said date ; or (2) he, in the course of the search, makes a statement under sub-section (4) of section 37A that any money, bullion, jewellery or other valuable article or .....

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Section 18 - Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc. - Wealth Tax Act, 1957

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..... een initiated, are completed, or six months from the end of the month in which the order of the Deputy Commissioner (Appeals) or the Commissioner (Appeals) or, as the case may be, the Appellate Tribunal is received by the Chief Commissioner or Commissioner, whichever is later ; (ii) in a case where the relevant assessment is the subject-matter of revision under sub-section (2) of section 25, after the expiry of six months from the end of the month in which such order of revision is passed ; (iii) in any other case, after the expiry of the finan­cial year in which the proceedings, in the course of which action for the imposition of penalty has been initiated, are completed, or six months from the end of the month in which action for imposition of penalty is initiated, whichever period expires later. 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 assessee to be reheard under the proviso to section 39 ; and (iii) any period during which a proceeding under this section for the levy of penalty is stayed by a .....

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Section 18 - Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc. - Wealth Tax Act, 1957

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..... if any, payable by him, a sum equal to two per cent of the assessed tax for every month during which the default continued. Explanation.-In this clause, "assessed tax" means the wealth-tax chargeable under the provisions of this Act;' 10. Substituted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Before substitution, clause (ii), as amended by the Finance Act, 1969, w.e.f. 1-4-1969 and Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976, stood as under: "(ii) in the cases referred to in clause (b), in addition 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 ;" 11. Substituted, along with Explanations 1 and 2, by the Finance Act, 1968, w.e.f. 1-4-1968 and later on substituted, along with clauses (i), (ii) and (iii) and Explanations 1 and 2, by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1975. 12. Substituted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Prior to its substitution, proviso, as inserted b .....

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Section 18 - Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc. - Wealth Tax Act, 1957

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..... r furnished inaccurate particulars of any assets or debts in respect of such assessment year, notwithstanding that such person furnishes a return of his net wealth at any time after the expiry of either of the periods aforesaid applicable to him in pursuance of a notice under section 17." 20. Omitted by the Finance Act, 2002, w.e.f. 1-4-2003. Before it was read as:- "who has not previously been assessed under this Act," 21. Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984. 22. Substituted for the following portion by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986: "unless such assets are recorded,- (i) in a case falling under clause (a), before the date of the search ; and (ii) in a case falling under clause (b), on or before such date, in the books of account, if any, maintained by him or such assets are otherwise disclosed to the Commissioner before the said date." 23. Substituted vide the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. Before it was read as:- "Commissioner" 24. Inserted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 25. Inserted by the Finance Act, 2008, w.r.e.f. 1-4-1989. Ear .....

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Section 18 - Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc. - Wealth Tax Act, 1957

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..... , w.e.f. 1-4-1989. Before substitution, sub-section (5), as amended by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971, Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976 and Finance (No. 2) Act, 1977, w.e.f. 10-7-1978, stood as under : "(5) No order imposing a penalty under this section shall be passed- (a) in a case where the assessment to which the proceedings for imposition of penalty relate is the subject-matter of an appeal of the Deputy Commissioner (Appeals) or Commissioner (Appeals) under section 23 or an appeal to the Appellate Tribunal under sub-section (2) of section 24, after the expiration of a period of- (i) two years from the end of the financial year in which the proceedings, in the course of which action for imposition of penalty has been initiated, are completed, or (ii) six months from the end of the month in which the order of the Deputy Commissioner (Appeals) or Commissioner (Appeals) or, as the case may be, the Appellate Tribunal is received by the Chief Commissioner or Commissioner, whichever period expires later ; (b) in any other case, after the expiration of two years from the end of the financial year in which the proceedings, in the course of .....

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Section 18 - Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc. - Wealth Tax Act, 1957

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