Amendment status not verified — confirm the current text below against the official source.
Restored by Act 3 of 1989, s. 95 (w.e.f. 1-4-1989). Substituted by Act 3 of 1989, s. 69, for section 18A (w.e.f. 1-4-1989). Earlier section 18A was amended by 46 of 1986, s. 34 (w.e.f. 10-9-1986) and Act 29 of 1977, s. 39 and the Fifth Schedule (w.e.f. 10-7-1978) which was inserted by Act 41 of 1975, s. 92 (w.e.f. 1-4-1976). 38 (3) Any penalty imposable under sub-section (1) or sub-section (2) shall be imposed— (a) in a case where the contravention, failure or default in respect of which such penalty is imposable occurs in the course of any proceeding before a wealth-tax authority not lower in rank than a 1[Joint Director] or a 2[Joint Commissioner], by such wealth-tax authority; (b) in any other case, by the 1[Joint Director] or the 2[Joint Commissioner]. (4) No order under this section shall be passed by any wealth-tax authority referred to in sub-section (3) unless the person on whom the penalty is proposed to be imposed has been heard, or has been given a reasonable opportunity of being heard in the matter, by such authority. Explanation.—In this section, “wealth-tax authority” includes a Director General, Director, 1[Joint Director], 3[Assistant Director or Deputy Director] and a Valuation Officer while exercising the powers vested in a court under the Code of Civil Procedure, 1908 (5 of 1908), when trying a suit in respect of the matters specified in sub-section (1) of section 37.] 4 [18B. Power to reduce or waive penalty in certain cases.—(1) Notwithstanding anything contained in this Act, the 5[6*** Commissioner] may, in his discretion, whether on his own motion or otherwise,— 7* * * * * (ii) reduce or waive the amount of penalty imposed or imposable on a person under clause (iii) of sub-section (1) of section 18, if he is satisfied that such person,— 8* * * * * (b) in the case referred to in clause (ii), has, prior to the detection by the 9[Assessing Officer], of the concealment of particulars of assets or of the inaccuracy of particulars furnished in respect of any asset or debt in respect of which the penalty is imposable, voluntarily and in good faith made full and true disclosure of such particulars, and also has co-operated in any inquiry relating to the assessment of his net wealth and has either paid or made satisfactory arrangements for the payment of any tax or interest payable in consequence of an order passed under this Act in respect of the relevant assessment year. Explanation 10***.—For the purposes of this sub-section, a person shall be deemed to have made full and true disclosure of the particulars of his assets or debts in any case where the excess of net wealth assessed over the net wealth returned is of such a nature as not to attract the provisions of clause (c) of sub-section (1) of section 18. 11* * * * *