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of <h1>Finance Act 1988: Prosecution for Wealth-tax Offences Needs Approval; Offences Can Be Compounded Pre or Post-Proceedings.</h1> Section 63 of the Finance Act, 1988, amends the Wealth-tax Act by replacing section 35-I. The new section mandates that prosecutions for offences under the Act require prior approval from the Chief Commissioner, Director General, or Commissioner, unless initiated by the Commissioner (Appeals). Additionally, offences may be compounded either before or after proceedings commence. Compounding can be done by the Board, a Chief Commissioner, or a Director General authorized by the Board when the prosecution is initiated by the Commissioner (Appeals), or by the Chief Commissioner, Director General, or Commissioner in other cases.
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