Voluntary disclosure deemed prior to detection when seized books are followed by full net-wealth disclosure. The amendment to section 18B provides that where books or documents are seized under section 37A and the person makes a full and true disclosure of net wealth to the Commissioner within a short period thereafter, that disclosure shall be deemed to have been made voluntarily and in good faith prior to detection by the Wealth-tax Officer of any concealment or inaccuracy in particulars of assets or debts for which penalty is imposable.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Voluntary disclosure deemed prior to detection when seized books are followed by full net-wealth disclosure.
The amendment to section 18B provides that where books or documents are seized under section 37A and the person makes a full and true disclosure of net wealth to the Commissioner within a short period thereafter, that disclosure shall be deemed to have been made voluntarily and in good faith prior to detection by the Wealth-tax Officer of any concealment or inaccuracy in particulars of assets or debts for which penalty is imposable.
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