https://www.taxtmi.com/acts?id=50064 Amendment to section 18 requires prior Board approval before the Commissioner may reduce or waive a penalty in specified clause (c) cases where the penalizable amount for any relevant assessment year exceeds a high-value threshold; redefines the sub-section (3) trigger as the amount determined by the Wealth-tax Officer on assessment under clause (c); and replaces sub-section (5) with detailed limitation rules preventing penalty orders after specified periods, with an explanation excluding time taken for a rehearing under the proviso to section 39 and periods when proceedings are stayed by court order or injunction. en-us Mon, 03 Mar 2025 18:21:19 +0530 Mon, 03 Mar 2025 18:21:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=50064 Amendment to section 18 requires prior Board approval before the Commissioner may reduce or waive a penalty in specified clause (c) cases where the penalizable amount for any relevant assessment year exceeds a high-value threshold; redefines the sub-section (3) trigger as the amount determined by the Wealth-tax Officer on assessment under clause (c); and replaces sub-section (5) with detailed limitation rules preventing penalty orders after specified periods, with an explanation excluding time taken for a rehearing under the proviso to section 39 and periods when proceedings are stayed by court order or injunction. Act-Rules F. Acts / Amendment Acts Mon, 03 Mar 2025 18:21:19 +0530 https://www.taxtmi.com/acts?id=50064