Insertion of new section 17B

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....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 immediately following the due date, an....

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....7, 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 assessment year, required by a notice under sub-section (1) of section 17 issued after ....

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....termined 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, as a result of an order under section 23 or section 24 or section 25 or section 27 or section 29 or section 35 or any order....