Insertion of new Chapter XIV-B

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..... ssessing Officer shall make an order in writing that such person shall, apart from the sum determined as payable by him on the basis of the assessment under section 143 or section 144, be liable to pay, by way of additional income-tax, in respect of the said assessment year, a sum calculated on such excess amount at the rate of thirty per cent. (2) For the purposes of sub-section (1),- (a) where such person has furnished two or more returns of income for the same assessment year, the total income declared in the return furnished last before the service of a notice under sub-section (2) of section 143 on such person shall be treated as the returned income; (b) where such person fails to furnish the return of income in respect of any as .....

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..... or reduced, as the case may be, the additional income-tax shall be increased or reduced accordingly, and,- (i) in a case where the additional income-tax is increased, the Assessing Officer shall serve on the assessee a notice of demand in the prescribed form specifying the sum payable, and such notice of demand shall be deemed to be a notice under section 156 and all the provisions of this Act shall apply accordingly; (ii) in a case where the additional income-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 income-tax payable under sub-section (1) by any person, if he i .....

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..... ed therein; or (b) for any previous year which is to end on or after the date of the search, then, notwithstanding that such income is declared by him in any return of income furnished on or after the date of the search, such Income shall not, for the purposes of liability to the additional income tax under this section, be treated as forming part of the returned income, unless,- (i) such income is, or the transactions resulting in such income are, recorded,- (A) in a case falling under clause (a), before the date of the search; and (B) in a case falling under clause (b), on or before the date of the search, in the books of account, if any, maintained by him for any source of income or such income is otherwise disclosed to the C .....

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