Penalty for concealment of assets: statutory sanctions apply and procedural safeguards govern imposition of tax penalties. Section 218 authorises penalty in addition to any wealth-tax where an assessing or appellate authority is satisfied that a person failed to comply with specified notices or concealed or furnished inaccurate particulars of assets or debts; added or disallowed amounts in computing net wealth or valuation shortfalls may be deemed concealment; assets found in search are treated as concealed unless previously recorded or disclosed or regularised during the search; a reasonable opportunity to be heard is required and limits and procedural safeguards apply to officers imposing penalties and to limitation periods for initiating proceedings.