Substitution of new section for section 18A

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....e following section shall be substituted, namely :- '18A. Penalty for failure to answer questions, sign statements, furnish Information, allow inspection, etc. (1) If any person,- (a) being legally bound to state the truth of any matter touching the subject of his assessment, refuses to answer any question put to him by a wealth-tax authority in the exercise of his p....

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.... a person fails to furnish in due time any statement or information which such person is bound to furnish to the Assessing Officer under section 38, he shall pay, by way of penalty, a sum which shall not be less than one hundred rupees but which may extend to two hundred rupees for every day during which the failure continues; Provided that no penalty shall be imposable under this sub-sec....