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Citedby 102 docs - [View All]
Babubhai Bhikhabhai Patel vs Dy. Commissioner Of Income-Tax on 15 April, 1996
Mannalal Soorana vs Wealth-Tax Officer on 15 December, 1982
Mohinder Verma vs Assistant Commissioner Of ... on 31 October, 1995
Nidhipati Singhania vs Wealth-Tax Officer on 25 May, 1984
Wealth-Tax Officer vs O.P. Kapoor on 16 December, 1982

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[Section 18(1)] [Section 18] [Complete Act]
Central Government Act
Section 18(1)(c) in The Wealth- Tax Act, 1957
(c) has concealed the particulars of any assets or furnished inaccurate particulars of any assets or debts;
1. Subs. by Act 46 of 1964, s. 17, for" serve on the assessee" (w. e. f. 1- 4- 1965 ). 2 Ins. by s. 17, ibid. (w. e. f. 1- 4- 1965 ). 3 Subs. by s. 18, ibid., for s. 18 (w. e. f. 1- 4- 1965 ).
he or it may, by order in writing, direct that such person shall pay by way of penalty--
(i) 1[ in the cases referred to in clause (a), in addition to the amount of wealth- tax, if any, payable by him, a sum, for every month during which the default continued, equal to one- half per cent. of--
(A) 2[ the net wealth assessed under section 16 as reduced by the amount specified in sub- section (1A), or
(B) the net wealth assessed under section 17, where assessment has been made under that section, as reduced by--
(1) the net wealth, if any, assessed previously under section 16 or section 17, or
(2) the amount specified in sub- section (1A), whichever is greater,] but not exceeding, in the aggregate, an amount equal to the net wealth assessed under section 16, or, as the case may be, the net wealth assessed under section 17, as reduced in either case in the manner aforesaid;
(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 one per cent. of the assessed net wealth but which shall not exceed the amount of the assessed net wealth. Explanation.-- For the purposes of clause (ii)," assessed net wealth" shall be taken to be the net wealth assessed under section 16 as reduced by the net wealth declared in the return, if any, furnished by such person, or, as the case may be, the net wealth assessed under section 17 as reduced by--
(i) the net wealth, if any, assessed previously under section 16 or section 17, or
(ii) the net wealth declared in the return, if any, furnished by such person under section 17, whichever is greater;]
1. Subs. by Act 14 of 1969, s. 24, for sub- clause (i) and (ii) (w. e. f. 1- 4- 1969 ). 2 Subs. by Act 32 of 1971, s. 33, for item (A) (w. e. f. 1- 4- 1972 ).
(iii) 1[ in 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 twice, the amount representing the value of any assets in respect of which the particulars have been concealed or any assets or debts in respect of which inaccurate particulars have been furnished.] 2[ Explanation 1.-- Where,--
(i) the value of any asset returned by any person is less than seventy- five per cent. of the value of such asset as determined in an assessment under section 16 or section 17 (the value so assessed being referred to hereafter in this Explanation as the correct value of the asset), or
(ii) the value of any debt returned by any person exceeds the value of such debt as determined in an assessment under section 16 or section 17 by more than twenty- five per cent. of the value so assessed (the value so assessed being referred to hereafter in this Explanation as the correct value of the debt), or
(iii) the net wealth returned by any person is less than seventy- five per cent. of the net wealth as assessed under section 16 or section 17 (the net wealth so assessed being referred to hereafter in this Explanation as the correct net wealth), then, such person shall, unless he proves that the failure to return the correct value of the asset or, as the case may be, the correct value of the debt or the correct net wealth did not arise from any fraud or any gross or wilful neglect on his part, be deemed to have concealed the particulars of assets or furnished inaccurate particulars of assets or debts for the purposes of clause (c) of this sub- section. Explanation 2.-- For the purposes of clause (iii),--
(a) the amount representing the value of any assets in respect of which the particulars have been concealed or any assets in respect of which inaccurate particulars have been furnished, shall be the value of such assets determined for the purposes of this Act as reduced by the value thereof, if any, declared in the return made under section 14 or section 15;
1. Subs. by Act 19 of 1968, s. 32, for clause (iii) (w. e. f. 1- 4- 1968 ). 2 Subs. by s. 32, ibid., for Explanation (w. e. f. 1- 4- 1968 ).
(b) the amount representing the value of any debts in respect of which inaccurate particulars have been furnished, shall be the amount by which the value of such debts declared in the return made under section 14 or section 15 exceeds the value thereof determined for the purposes of this Act.]