Insertion of new Chapter IVA

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..... f any person, the value of taxable gifts determined in the regular assessment for any assessment year (hereafter in this section referred to as assessed taxable gifts) exceeds the value of taxable gifts declared in the return of taxable gifts furnished by such person for that assessment year (hereafter in this section referred to as returned taxable gifts) by any amount, the Assessing Officer shal .....

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..... r sub-section (5) of section 15, the returned taxable gifts shall be taken to be nil; (c) where such person fails to furnish a return of taxable gifts for any assessment year under section 13 or section 14, but furnishes such return after he is served with a notice under section 16, the returned taxable gifts shall be taken to be nil. (3) Where, as a result of an order under section 16 or sect .....

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..... erwise, waive or reduce the amount of additional gift-tax payable under sub-section (1) by any person, if he is satisfied that the whole or, as the case may 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 taxable gifts, as a result of the rejection of any explanation (by way of interpretation of any provi .....

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