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of <h1>Section 18B: Wealth Tax Penalties May Be Reduced or Waived for Voluntary Disclosure and Cooperation</h1> Section 18B of the Wealth Tax Act, 1957 grants the Commissioner the discretion to reduce or waive penalties under certain conditions. If a person voluntarily discloses asset particulars before detection by the Assessing Officer and cooperates in inquiries, penalties may be reduced or waived. However, if the net wealth exceeds five hundred thousand rupees, approval from a higher authority is required. Relief granted for one assessment year does not extend to others unless specific conditions are met. Orders under this section are final and not subject to judicial review. The section applies to assessments from April 1, 1988, or earlier.
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