Insertion of new Chapter IVB (Omitted)

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....r assessment for any assessment year (hereafter in this section referred to as assessed net wealth) exceeds the net wealth declared in the return of net wealth furnished by such person for that assessment year (hereafter in this section referred to as returned net wealth) by any amount, the Assessing Officer shall make an order in writing that such person shall, apart from the sum determined as payable by him on the basis of the assessment under section 16, be liable to pay, by way of additional wealth-tax, in respect of the said assessment year, as sum calculated on such excess amount at the rate of three per cent. (2) For the purposes of sub-section (1),- (a) where such person has furnished two or more returns of net wea....

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....itional wealth tax is reduced, the excess amount paid, if any, shall be refunded. (4) The Chief Commissioner or Commissioner may, in his discretion, whether on his own motion or otherwise, waive or reduce the amount of additional wealth-tax payable under sub-section (1) by any person, if he is satisfied that the whole or, as the case may be, any part of the excess amount referred to in that sub-section is attributable to any amount added or disallowed in computing the assessed net wealth, as a result of the rejection of any explanation (by way of interpretation of any provision of this Act or otherwise) offered by such person, if such explanation is bona fide and all the facts relating to the same and material to the computation of....