The Gift-Tax Act, 1958
16. Gift escaping assessment.
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If the Gift-tax Officer-
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has reason to believe that by reason of the omission or failure on the
part of the assessee to make a return under section 13 of the gifts made by him
or any other person in respect of which, he is assessable under this Act for
any
@assessment year, or to disclose fully and truly all material facts necessary
for assessment of the gifts made by him or such other person for that year any
taxable gift has escaped assessment for that year, whether by reason of under -
assessment or assessment at too low a rate or otherwise ; or]
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has, in consequence of any information in his possession reason to believe,
notwithstanding that there has been no such omission or failure as is referred
to in clause(a) that any taxable gift has escaped assessment for any year, whether by
reason of under-assessment or assessment at too low a rate or otherwise
he may, in cases falling under clause (a) at any time within eight years and in
cases falling under clause (b) at any time within four years of the end of that
assessment year, serve on the assessee a notice containing all or any of the
requirements which may be
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Ins. by Act 53 of 1962, s. 12 (w.e.f. 1-4-1963).
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subs. by s. 13, ibid., for cl. (a) (w.e.f. 1-4-1963).
- Ins. by Act 45 of 1972, s. 21 (w.e.f. 1-1-1973)
879.included in a notice under sub-section (2) of section 13, and. may proceed
to assess or re-assess any taxable gift which has escaped assessment, and the
provisions of this Act shall, so far as may be, apply as if the notice had
issued under that sub-section.
- Nothing contained in this section limiting the time with-in which any
proceedings for, assessment or re-assessment may be commenced shall apply to an
assessment or re-assessment to @be made on the assessee or any person in
consequence of or to give effect to any finding or direction contained in an
order under section 22, section
23, section 24, section 26 or section 28.
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