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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2008 amends Wealth-tax Act Section 18, adding sub-section (1A) for automatic penalty proceedings initiation.</h1> In the Finance Bill, 2008, Clause 58 amends Section 18 of the Wealth-tax Act by introducing sub-section (1A). This new sub-section, effective from April 1, 1989, states that if any amount is added or disallowed during the computation of an assessee's net wealth in an assessment or reassessment order, and if this order includes a directive to initiate penalty proceedings under sub-section (1), it shall be considered as the Assessing Officer's satisfaction for starting penalty proceedings under the same sub-section.
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