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of <h1>New Sub-section 1A Added to Section 18 of Wealth-tax Act; Clarifies Penalty Proceedings Initiation from April 1, 1989.</h1> Section 18 of the Wealth-tax Act is amended to include a new sub-section (1A), effective from April 1, 1989. This sub-section specifies that if any amount is added or disallowed during the computation of an assessee's net wealth in an assessment or reassessment order, and the order includes a directive to initiate penalty proceedings under clause (c) of sub-section (1), the order itself will be considered as the Assessing Officer's satisfaction for starting penalty proceedings under the specified clause.
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