https://www.taxtmi.com/caselaws?id=10487 A voluntary disclosure under the Voluntary Disclosure of Income and Wealth Act, 1976 did not grant immunity from wealth-tax penalty unless the declarant paid the tax due and made the prescribed investment within time. The declaration and return forwarded to the Wealth-tax Officer under section 15(4) did not displace the normal application of the Wealth-tax Act, 1957 for assessment and related proceedings. Because the assessee filed the returns late and failed to satisfy the conditions in section 15(1) and section 15(5), the bar against penalty was unavailable. The Wealth-tax Officer was therefore competent to levy penalty under section 18(1)(a) for delayed filing, and the Tribunal was not justified in deleting the penalties. en-us Wed, 22 Sep 2004 00:00:00 +0530 Thu, 16 Jul 2009 16:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10487 A voluntary disclosure under the Voluntary Disclosure of Income and Wealth Act, 1976 did not grant immunity from wealth-tax penalty unless the declarant paid the tax due and made the prescribed investment within time. The declaration and return forwarded to the Wealth-tax Officer under section 15(4) did not displace the normal application of the Wealth-tax Act, 1957 for assessment and related proceedings. Because the assessee filed the returns late and failed to satisfy the conditions in section 15(1) and section 15(5), the bar against penalty was unavailable. The Wealth-tax Officer was therefore competent to levy penalty under section 18(1)(a) for delayed filing, and the Tribunal was not justified in deleting the penalties. Case-Laws Wealth-tax Wed, 22 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10487