Amendment of section 17

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....) clause (a) shall be omitted; (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;"; ....

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.... under sub-section (1) shall be made,- (i) by the Income-tax Officer, where the penalty exceeds 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 ....

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....vant assessment is the subject-matter of revision under sub-section (2) of section 24, after the expiry of six months from the end of the month 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 ....