Amendment of section 18

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....(i) clause (a) shall be omitted; (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....

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....een issued to him under clause (i) of sub-section (4) of section 16 or sub-section (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 parti....

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.... "(3) No order imposing a penalty under sub-section (1) shall be made - (i) by the Income-tax Officer, 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....

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....Chief Commissioner or Commissioner, whichever is later; (ii) in a case where the relevant assessment is the subject-matter of revision under sub-section (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 whi....