Amendment of section 18

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.... (a) the words "without reasonable cause", wherever they occur, shall be omitted; (b) in sub-section (1),- (i) after clause (iii) and before Explanation 1, the following proviso shall be inserted, namely :- "Provided that in the cases referred to in clause (a) or clause (b), no penalty shall be imposable if the person proves that there was reasonable cause for the....

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....er clause (b), on or before such date, in the books of account, if any, maintained by him or such assets are otherwise disclosed to the Commissioner before the said date; or (2) he, in the course of the search, makes a statement under sub-section (4) of section 37A that any money, bullion, jewellery or other valuable article or thing found in his possession or under his control, ....