Penalty limitation and board approval tightened for high-value wealth-tax penalty cases, and assessment threshold for penalties increased. Amendment to section 18 requires prior Board approval before the Commissioner may reduce or waive a penalty in specified clause (c) cases where the penalizable amount for any relevant assessment year exceeds a high-value threshold; redefines the sub-section (3) trigger as the amount determined by the Wealth-tax Officer on assessment under clause (c); and replaces sub-section (5) with detailed limitation rules preventing penalty orders after specified periods, with an explanation excluding time taken for a rehearing under the proviso to section 39 and periods when proceedings are stayed by court order or injunction.
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Penalty limitation and board approval tightened for high-value wealth-tax penalty cases, and assessment threshold for penalties increased.
Amendment to section 18 requires prior Board approval before the Commissioner may reduce or waive a penalty in specified clause (c) cases where the penalizable amount for any relevant assessment year exceeds a high-value threshold; redefines the sub-section (3) trigger as the amount determined by the Wealth-tax Officer on assessment under clause (c); and replaces sub-section (5) with detailed limitation rules preventing penalty orders after specified periods, with an explanation excluding time taken for a rehearing under the proviso to section 39 and periods when proceedings are stayed by court order or injunction.
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