TaxTMI 
TaxTMI 
Amendment of section 17
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.... (ii) clause (1) shall be omitted; (iii) for clause (ii), the following clause shall be substituted, namely :- "(ii) in the cases referred to in clause (b), in addition to the amount of gift-tax payable by him, a sum which shall not be less than one thousand rupees but which may extend to twenty-five thousand rupees for each such failure;"; (iv) for the proviso, the following proviso shall ....
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....eds ten thousand rupees; (ii) by the Assistant Commissioner, where the penalty exceeds twenty thousand rupees, except with the prior approval of the Deputy Commissioner."; (c) after sub-section (4), the following sub-sections shall be inserted, namely :- "(5) No order imposing a penalty under this section shall be passed- (i) in a case where the assessment to which the proceedings for im....
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.... in which such order of revision is passed; (iii) in any other case, after the expiry of the financial year in which the proceedings, in the course of which action for the imposition of penalty has been initiated, are completed, or six months from the end of the month in which action for imposition of penalty is initiated, whichever period expires later. Explanation .- In computing the period ....