Insertion of new section 17B

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....he 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 assessee shall be liable to pay simple interest at the rate of two per cent. for every month or part of a month comprised in the period commencing on the date immedi....

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.... assessment year, an assessment is made for the first time under section 17, the assessment so made shall be regarded as a regular assessment for the purposes of this section. (2) The interest payable under sub-section (1) shall be reduced by the interest, if any, paid under section 15B towards the interest chargeable under this section. (3) Where the return of net wealth for any....

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....he tax on the net wealth determined on the basis of such reassessment exceeds the tax on the net wealth as determined on the basis of the earlier assessment aforesaid. Explanation .- In this sub-section, "tax on the net wealth deter- mined on the basis of the reassessment under section 17" shall not Include the additional wealth-tax, if any, payable under section 18D. (4) Where, ....