Additional gift tax for under declared taxable gifts imposed, with time barred intimations and adjustment procedures. The amendment inserts a two year time limit for intimation and a new sub section imposing an additional gift tax where adjustments increase the taxable gift beyond the return: the Assessing Officer must levy additional gift tax on the tax attributable to that excess, offset refunds by that amount, and adjust the additional tax in light of subsequent orders, with increases attracting a notice of demand and reductions resulting in refunds; sub section (6) is amended to require taking fair market value into account where section 6 read with Schedule II applies.