(3)Where return of gifts for any assessment year, required by a notice under sub-section (1) of section 16 issued after the determination of taxable gifts under sub-section (1) of section 15 or after the completion of an assessment under sub-section (3) or sub-section (5) of section 15 or section 16, is furnished after the expiry of the time allowed under such notice, or is not furnished, the assessee shall be liable to pay simple interest at the rate of two per cent, for every month or part of a month comprised in the period commencing on the day immediately following the expiry of the time allowed as aforesaid, and,--(a)where the return is furnished after the expiry of the time aforesaid, ending on the date of furnishing the return; or(b)where no return has been furnished, ending on the date of completion of the reassessment under section 16, on the amount by which the tax on the taxable gifts determined on the basis of such reassessment exceeds the tax on the taxable gifts as determined under sub-section (1) of section 15 or on the basis of the earlier assessment aforesaid.
