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Penalty initiation treated as satisfied where assessment adds or disallows net-wealth and directs penalty proceedings. An amendment to Section 18 of the Wealth-tax Act deems any assessment or reassessment order that adds or disallows amounts in net wealth and contains a direction for initiation of penalty proceedings under sub-section (1) to constitute satisfaction of the Assessing Officer for initiating penalty proceedings under sub-section (1).
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.
<h1>Penalty initiation treated as satisfied where assessment adds or disallows net-wealth and directs penalty proceedings.</h1> An amendment to Section 18 of the Wealth-tax Act deems any assessment or reassessment order that adds or disallows amounts in net wealth and contains a direction for initiation of penalty proceedings under sub-section (1) to constitute satisfaction of the Assessing Officer for initiating penalty proceedings under sub-section (1).
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