Insertion of new Chapter IVA (Omitted)

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.... read as,  "175. Insertion of new Chapter IVA. In the Gift-tax Act, after section 18A, the following Chapter shall be inserted, namely: - "CHAPTER IVA CHARGE OF ADDITIONAL GIFT-TAX IN CERTAIN CASES 18B. Additional gift-tax. (1) Where, in the case of any person, the value of taxable gifts determined in the regular assessment for any assessment year (he....

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....d in the return furnished last before the service of a notice under sub-section (2) of section 15 on such person shall be treated as the returned taxable gifts; (b) where such person fails to furnish the return of taxable gifts in respect of any assessment year and the assessment for that year is made under sub-section (5) of section 15, the returned taxable gifts shall be taken to be nil....

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....such notice of demand shall be deemed to be a notice under section 31 and the provisions of this Act shall apply accordingly; (ii) in a case where the additional gift-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 ....