February 4, 2025

Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc (1) If the 28[Assessing Officer], 29[Deputy Commissioner (Appeals)], 30[Commissioner (Appeals),] 31[Chief Commissioner or Commissioner] or Appellate Tribunal in the course of any proceedings under this Act is satisfied that any person— (a)   32[***] (b)   has 33[***] failed to comply with a notice under […]

Interest for defaults in furnishing return of net wealth (1) Where the return of net wealth for any assessment year under sub-section (1) of section 14 or section 15, or in response to a notice under clause (i) of sub-section (4) of section 16, is furnished after the due date, or is not furnished, the

Time limit for completion of assessment and reassessment (1) No order of assessment shall be made under section 16 at any time after the expiry of two years from the end of the assessment year in which the net wealth was first assessable : 2[Provided that,— (a)   where the net wealth was first assessable in

Wealth escaping assessment (1) If the Assessing Officer 87[has reason to believe] that the net wealth chargeable to tax in respect of which any person is assessable under this Act has escaped assessment for any assessment year (whether by reason of under- assessment or assessment at too low a rate or otherwise), he may, subject to

Reference to Valuation Officer (1) For the purpose of making an assessment (including an assessment in respect of any assessment year commencing before the date of coming into force of this section) under this Act, 82[where under the provisions of section 7 read with the rules made under this Act, or, as the case may be,