Amendment of section 18

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....d; (ii) clause (i) shall be omitted; (iii) for clause (ii), the following clause shall be substituted, namely :- "(ii) in the cases referred to in clause (b), in addition to the amount of wealth-tax payable by him, a sum which shall not be less than one thousand rupees but which may extend to twenty-five thousand rupees for each such failure;"; (iv) for the proviso, the following proviso s....

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....ion (1) of section 17 and the Assessing Officer or the Deputy Commissioner (Appeals) or the Commissioner (Appeals) is satisfied that in respect of such assessment year such person has assessable net wealth, then, such person shall, for the purposes of clause (c) of this sub-section, be deemed to have concealed the particulars of his assets or furnished inaccurate particulars of any assets or debts....

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....icer, where the penalty exceeds ten thousand rupees; (ii) by the Assistant Commissioner, where the penalty exceeds twenty thousand rupees, except with the prior approval of the Deputy Commissioner."; (c) sub-section (3A) shall be omitted; (d) for sub-section (5), the following sub-sections shall be substituted, namely :- "(5) No order imposing a penalty under this section shall be passed....

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....2) of section 25, after the expiry of six months from the end of the month in which such order of revision is passed; (iii) in any other case, 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 penalty is initiated,....