law: Voluntary Disclosure of Income and Wealth Act, 1976
  13.
  
  Exemption from wealth-tax in respect of assets specified in declaration.-
  (1)
  
  Where the voluntarily disclosed income is represented by cash (including bank
  
  deposits), bullion, investment in shares, debts due from other persons,
  
  commodities or any other assets specified in the declaration made under
  
  sub-section (1) of section 3-
  (a) in respect of which the declarant has failed to furnish a return
  
  under section 14 of the Wealth-tax Act for the assessment year commencing on the
  
  1st day of April, 1975 or any earlier assessment year or years, or
  (b) which have not been shown in the return of net wealth furnished by
  
  him for the said assessment year or years, or
  (c) which have been understated in value in the return of net wealth
  
  furnished by him for the said assessment year or years, then, notwithstanding
  
  anything contained in the Wealth-tax Act or any rules made thereunder,--
  (i) wealth-tax shall not be payable by the declarant in respect of the
  
  assets referred to in clause (a), or clause (b) and such assets shall not be
  
  included in his net wealth for the said assessment year or years;
  (ii) the amount by which the value of the assets referred to in clause (c) has
  
  been understated in the return of net wealth for the said assessment year or
  
  years, to the extent such amount does not exceed the voluntarily disclosed
  
  income utilised for acquiring such assets, shall not be taken into account in
  
  computing the net wealth of the declarant for the said assessment year or
  
  years.
  Explanation.-  Where a declaration under sub-section (1) of section 3 is made by a
  
  firm, the assets referred to in clause
  (i)
  
  or, as the case may be, the amount referred to in clause
  (ii)
  
  shall not be taken into account in computing the net wealth of any partner of
  
  the firm or, as the case may be, in determining the value of the interest of
  
  any partner in the firm.
  (2)The
  
  provisions of sub-section (1) shall not apply unless the conditions specified in
  
  sub-section (1) of section 8 are fulfilled by the declarant.
  (4)
  
  All words and expressions used in this section and in section 15 but not
  
  defined and defined in the Wealth-tax Act shall have the meanings respectively
  
  assigned to them in that Act.