Insertion of new Chapter IVB

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..... e Assessing 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 16, be liable to pay, by way of additional wealth-tax, in respect of the said assessment year, as sum calculated on such excess amount at the rate of three per cent. (2) For the purposes of sub-section (1),- (a) where such person has furnished two or more returns of net wealth for the same assessment year, the net wealth declared in the return furnished last before the service of a notice under sub-section (2) of section 16 on such person shall be treated as the returned net wealth; (b) where such person fails to furnish the return of net wealth in respect of any assess .....

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..... ay be, any part of the excess amount referred to in that sub-section is attributable to any amount added or disallowed in computing the assessed net wealth, as a result of the rejection of any explanation (by way of interpretation of any provision of this Act or otherwise) offered by such person, if such explanation is bona fide and all the facts relating to the same and material to the computation of the assessed net wealth have been disclosed by him: Provided that - (i) where an appeal before the Deputy Commissioner (Appeals) or Commissioner (Appeals) or the Appellate Tribunal has also been filed by the assessee against the order of assessment, the petition for waiver or reduction of the amount of additional wealth-tax can be filed by .....

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..... or (ii) the assessee, in the course of the search, makes a statement under sub-section (4) of section 37A that any money, bullion, jewellery or other valuable article or thing found in his possession or under his control forms part of his net wealth which has not been disclosed so far in his return of net wealth to be furnished before the expiry of the time specified in sub-section (1) of section 14, and also specifies in the statement the manner in which such net wealth has been acquired and pays the tax together with interest, if any, in respect of such net wealth. (6) The additional wealth-tax payable under this section shall not be included in the amount of tax payable on the net wealth as determined on regular assessment, for the p .....

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