Section 40 - Amendment of section 17 - Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986

CHAPTER IV AMENDMENTS TO THE GIFT-TAX ACT, 1958 40. Amendment of section 17. In section 17 of the Gift-tax Act, 1958 (18 of 1958) (hereafter in this Chapter referred to as the Gift-tax Act), in sub-section (1), - (i) the words without reasonable cause , wherever they occur, shall be omitted; (ii) the following proviso shall be inserted at the end, namely :- Provided that in the cases referred to in clause (a) or clause (b), no penalty shall be imposable if the person proves that there was reasonable cause for the failure referred to in those clauses. .