Finance Act 1968 Section 32

In the Wealth-tax Act, 1957, -

(a) in section 5, -

(i) in sub-section (1), -

(1) after clause (xiv), the following clause shall be inserted with effect from the 1st day of April, 1969, namely :-

"(xv) fixed deposits under any scheme framed by the Central Government and notified by it in this behalf in the Official Gazette, to the extent to which the amounts of such deposits do not exceed the maximum amount permitted to be deposited therein;";

(2) in clause (xvi), the words "held by the assessee" shall be omitted with effect from the 1st day of April, 1969;

(3) after clause (xvii), the following clause shall be inserted with effect from the 1st day of April, 1969, namely :-

"(xvii-a) the amount standing to the credit of an individual in any provident fund set up by the Central Government and notified by it is this behalf in the Officer Gazette;";

(ii) in sub-section (2), after the words "not specified in", the words, brackets and figures "clause (xv) or" shall be inserted with effect from the 1st day of April, 1969;

(b) in section 18, in sub-section (1), -

(i) for clause (iii), the following clause shall be substituted, namely :-

"(iii) in the cases referred to in clause (c), in addition to any wealth-tax payable by him, a sum which shall not be less than, but which shall not exceed twice, the amount representing the value of any assets in respect of which the particulars have been concealed or any assets or debts in respect of which inaccurate particulars have been furnished.";

(ii) for the existing Explanation, the following Explanations shall be substituted, namely :-

"Explanation 1 : Where, -

(i) the value of any asset returned by any person is less than seventy five per cent. of the value of such asset as determined in an assessment under section 16 or section 17 (the value so assessed being referred to hereafter in this Explanation as the correct value of the asset), or

(ii) the value of any debt returned by any person exceeds the value of such debt as determined in an assessment under section 16 or section 17 by more than twenty-five per cent. of the value so assessed (the value so assessed being referred to hereafter in this Explanation as the correct value of the debt), or

(iii) the net wealth returned by any person is less than seventy-five per cent. of the net wealth as assessed under section 16 or section 17 (the net wealth so assessed being referred to hereafter in this Explanation as the correct net wealth),

then, such person shall, unless he proves that the failure to return the correct value of the asset or, as the case may be, the correct value of the debt or the correct net wealth did not arise from any fraud or any gross or wilful neglect on his part, be deemed to have concealed the particulars of assets or furnished inaccurate particulars of assets or debts for the purposes of clause (c) of this sub-section.

Explanation 2 : For the purposes of clause (iii), -

(a) the amount representing the value of any assets in respect of which the particulars have been concealed or any assets in respect of which inaccurate particulars have been furnished, shall be the value of such assets determined for the purposes of this Act as reduced by the thereof, if any, declared in the return made under section 14 or section 15;

(b) the amount representing the value of any debts in respect of which inaccurate particulars have been furnished, shall be the amount by which the value of such debts declared in the return made under section 14 or section 15 exceeds the value thereof determined for the purposes of this Act.";

(c) in the Schedule, in Paragraph A of Part I, for clauses (a) and (b), the following clauses shall be substituted, with effect from the 1st day of April, 1969, namely :-

RATE OF TAX