Clause 58 - Amendment of Section 18 - WT Act - Finance Bill, 2008

58. In section 18 of the Wealth-tax Act, after sub-section ( 1 ), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1 st 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 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 sub-section ( 1 ).".