Insertion of new section 37C

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..... lt with in the following manner, namely :- (i) the amount of the existing liability referred to in clause (iv) of the said sub-section and the amount of the liability determined on completion of the regular assessment of re-assessment for all the assessment years for which the net wealth referred to in clause (i) of that sub-section is assessable to tax (including any penalty levied or interest .....

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..... Commissioner under sub-section (5) of section 226 of the Income-tax Act as made applicable to this Act by section 32, and the Assessing Officer may recover the amount of such liabilities by the sale of such assets and such sale shall be effected in the manner laid down in the Third Schedule to the Income-tax Act as made applicable to this Act by section 32. (2) Nothing contained in sub-section .....

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..... section. (b) Such interest shall run from the date immediately following the expiry of the period of six months from the date of the order under sub-section (5A) of section 37A to the date of the regular assessment or re-assessment referred to in clause (i) of sub-section (1) or, as the case may be, to the date of the last of such assessments or re-assessments.".
Statute, statutory provisions .....

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