https://www.taxtmi.com/caselaws?id=70976 An amnesty scheme granting relief from penalty under the Wealth-tax Act must be construed liberally to encourage voluntary disclosure within the stipulated period. The Tribunal held that the scheme was not confined to first-time or undiscovered defaults and could cover earlier defaults, pending matters, and completed assessments where the circular language indicated such coverage. Clarificatory references in the CBDT materials supported this broader reading, while the separate conditions for waiver under section 19B did not limit the scheme's wider relief. Penalty under section 18(1)(a) was therefore not exigible, and the assessee was entitled to the scheme's benefit. en-us Fri, 31 Jan 1992 00:00:00 +0530 Wed, 20 Apr 2011 14:46:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70976 An amnesty scheme granting relief from penalty under the Wealth-tax Act must be construed liberally to encourage voluntary disclosure within the stipulated period. The Tribunal held that the scheme was not confined to first-time or undiscovered defaults and could cover earlier defaults, pending matters, and completed assessments where the circular language indicated such coverage. Clarificatory references in the CBDT materials supported this broader reading, while the separate conditions for waiver under section 19B did not limit the scheme's wider relief. Penalty under section 18(1)(a) was therefore not exigible, and the assessee was entitled to the scheme's benefit. Case-Laws Wealth-tax Fri, 31 Jan 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70976