TaxTMI 
TaxTMI 
TaxTMI 
Substitution of new sections for sections 18 and 18A (Omitted)
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.... "142. Substitution of new sections for sections 18 and 18A. For sections 18 and 18A of the Wealth-tax Act, the following sections shall be substituted, namely :- '18. Penalty for failure to comply with notices. (1) If the Assessing Officer, in the course of any proceedings under this Act, is satisfied that any person has failed to comply with the notice under sub-section (2) o....
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....person concerned has been heard, or has been given a reasonable opportunity of being heard. (3) No order imposing a penalty under sub-section (1) shall be passed after the expiry of the financial year in which the proceedings, in the course of which action for the imposition of penalty has been initiated, are completed, or six months from the end of the month in which action for imposition of pe....
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....rity in the exercise of his powers under this Act; or (b) refuses to sign any statement made by him in the course of any proceedings under this Act, which a wealth-tax authority may legally require him to sign; or (c) to whom a summons is issued under sub-section (1) of section 37 either to attend to give evidence or produce books of account or other documents at a certain place and time, omit....
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....erson proves that there was reasonable cause for the said failure. (3) Any penalty imposable under sub-section (1) or sub-section (2) shall be imposed- (a) in a case where the contravention, failure or default in respect of which such penalty is imposable occurs in the course of any proceeding before a wealth-tax authority not lower in rank than a Deputy Director or a Deputy Commissioner, by s....