Amendment of section 18

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....on to the amount of wealth-tax payable by him, a sum which! shall not be less than ten per cent., but which shall not exceed fifty per cent. of the amount of the wealth-tax, if any, which would have been avoided if the net wealth returned by such person had been accepted as the correct net wealth; (iii) an the cases referred to in clause (c), in addition to any wealth-tax payable by him, a sum which shall not be less than, but which shall not exceed five times, the amount of tax sought to be evaded by reason of the concealment of particulars of any assets or the furnishing of inaccurate particulars in respect of any assets or debts. Explanation 1- For the purposes of clause (iii) of this subsection, the expression "the amount of tax sou....

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....e been disclosed by him. Explanation 3.-Where any person who has not previously been assessed under this Act fails, without' reasonable cause, to furnish within the period specified, in clause (a) or, as the case may be, clause (b) of sub-section (1) of section 17A a return of his net wealth which he is required to furnish under section 14 in respect of any assessment) year and, until the expiry of either of the periods applicable to him, no notice had been issued to him under sub-section (2) of section 14-of sub-section (1) of section 17 and the Wealth tax Officer or the Appellate Assistant Commissioner is satisfied that in respect of such assessment year such person has assessable net wealth, "then, such; person shall, for the purpo....