Insertion of new section 18BA
Section 63 of the Finance Act, 2008 deals with insertion of new section 18BA. Insertion of new section 18BA. 63. After section 18B of the Wealth-tax Act, the following section shall be inserted, namely:— "18BA.
Insertion of new section 18BA.
63. After section 18B of the Wealth-tax Act, the following section shall be inserted, namely:—
"18BA. Power of Commissioner to grant immunity from penalty.—(1) A person may make an application to the Commissioner for granting immunity from penalty, if-
(a ) he has made an application for settlement under section 22C and the proceedings for settlement have abated under section 22HA; and
(b ) the penalty proceedings have been initiated under this Act.
(2) The application to the Commissioner under sub-section (1) shall not be made after the imposition of penalty after abatement.
(3) The Commissioner may, subject to such conditions as he may think fit to impose, grant to the person immunity from the imposition of any penalty under this Act, if he is satisfied that the person has, after the abatement, co-operated with the wealth-tax authority in the proceedings before him and has made a full and true disclosure of his net wealth and the manner in which such net wealth has been derived.
(4) The immunity granted to a person under sub-section (3) shall stand withdrawn, if such person fails to comply with any condition subject to which the immunity was granted and thereupon the provisions of this Act shall apply as if such immunity had not been granted.
(5) The immunity granted to a person under sub-section (3) may, at any time, be withdrawn by the Commissioner, if he is satisfied that such person had, in the course of any proceedings, after abatement, concealed any particulars, material to the assessment, from the wealth-tax authority or had given false evidence, and thereupon such person shall become liable to the imposition of any penalty under this Act to which such person would have been liable, had not such immunity been granted.".
© Copyright. Taxmann Publications Pvt. Ltd.
Section 63, The Finance Act, 2008.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Questions about Section 63
What does Section 63 of the Finance Act deal with?
Section 63 of the Finance Act is headed "Insertion of new section 18BA". Insertion of new section 18BA. 63. After section 18B of the Wealth-tax Act, the following section shall be inserted, namely:— "18BA.
How do I find court cases under Section 63 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2008 63, section 63 Finance Act 2008, section 63 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 63 of the Finance Act, and has it changed?
Its own text turns on Wealth-tax Act 18B (Power to reduce or waive penalty in certain cases), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2008. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- 102120000000010097. THE FIRST SCHEDULE7659 words
- 2. Income-tax3309 words
- 32. Amendment of section 143692 words
- 28. Amendment of section 115WE591 words
- 18. Amendment of section 80-IB496 words
- 17. Substitution of new section for section 80D448 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.