Additional gift-tax imposed where assessed gifts exceed declared gifts, with adjustments, notices and waiver mechanism following reassessment. Insertion establishes a Additional gift-tax charge where assessed taxable gifts exceed returned taxable gifts; Assessing Officer must compute the excess and impose additional tax on that excess, with returns filed late or not at all treated as nil; adjustments following reassessment or appeals alter the additional tax, increased amounts trigger a demand notice and reductions entitle the assessee to refund, and the revenue authority may waive or reduce the additional tax in bona fide cases subject to disclosure, fee and timing constraints.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Additional gift-tax imposed where assessed gifts exceed declared gifts, with adjustments, notices and waiver mechanism following reassessment.
Insertion establishes a Additional gift-tax charge where assessed taxable gifts exceed returned taxable gifts; Assessing Officer must compute the excess and impose additional tax on that excess, with returns filed late or not at all treated as nil; adjustments following reassessment or appeals alter the additional tax, increased amounts trigger a demand notice and reductions entitle the assessee to refund, and the revenue authority may waive or reduce the additional tax in bona fide cases subject to disclosure, fee and timing constraints.
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