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of <h1>Amendment to Section 18 of the Wealth-tax Act: New Explanation 5 targets unreported assets found during section 37A searches.</h1> Section 18 of the Wealth-tax Act is amended to include a new Explanation 5, effective from October 1, 1984. This provision addresses situations where, during a search under section 37A, an assessee is found with undisclosed assets such as money, bullion, or jewelry. If these assets are not reported in the net wealth returns before the search or are inaccurately declared, the assessee is deemed to have concealed or inaccurately furnished asset details for penalty purposes unless the assets are recorded in the books or disclosed to the Commissioner by specified dates.
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