Insertion of new section 16B

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....under sub-section (1) of section 13 or section 14, or in response to a notice under clause (i) of sub-section (4) of section 15, is furnished after the 30th day of June of such year, 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 of the 1st day of July of the assessment year....

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.... sub-section (1) shall be reduced by the interest, if any, paid under section 14B towards the interest chargeable under this section. (3) Where the return of gifts for any assessment year, required by a notice under sub-section (1) of section 16 issued after the completion of an assessment under sub-section (3) or sub-section (5) of section 15 or section 16, is furnished after the expiry of the ....

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....the basis of the reassessment under section 16" shall not include the additional gift-tax, if any, payable under section 18B. (4) Where, as a result of an order under section 22 or section 23 or section 24 or section 26 or section 28 or section 34, the amount of tax on which interest was payable under this section has been increased or reduced, as the case may be, the interest shall be increased....