(4)[ The provisions of sub-sections (1) and (2) shall not apply to the assessment or reassessment made on the assessee or any other person in consequence of, or to give effect to, any finding or direction contained in an order under section 23, section 24, section 25, section 27 or section 29 or in an order of any Court in a proceeding otherwise than by way of appeal or reference under this Act, and such assessment or reassessment may, subject to the provisions of sub-section (3), be completed at any time.Explanation 1.-In computing the period of limitation for the purposes of this section¬-(i)the time taken in reopening the whole or any part of the proceeding or in giving an opportunity to the assessee to be reheard under the proviso to section 39, or(ii)the period during which the assessment proceeding is stayed by an order or injunction of any Court, or](iia)[ the period (not exceeding sixty days) commencing from the date on which the ] [Inserted by Act 67 of 1984, Section 56 (w.e.f. 1.10.1984). ][Assessing Officer] [ Substituted by Act 4 of 1988, Section 127, for " Wealth-tax Officer" (w.e.f. 1.4.1988).][received the declaration under sub¬-section (1) of section 18-C and ending with the date on which the order under sub-section (3) of that section is made by him, or] [Inserted by Act 67 of 1984, Section 56 (w.e.f. 1.10.1984). ](iii)[ in a case where an application made before the Wealth-tax Settlement Commissioner under section 22-C is rejected by it or is not allowed to be proceeded with by it, the period commencing from the date on which such application is made and ending with the date on which the order under sub-section (1) of section 22-D is received by the ] [Inserted by Act 41 of 1975, Section 90 (w.e.f. 1.1.1989). ][Chief Commissioner or Commissioner] [ Substituted by Act 4 of 1988, Section 127, for " Commissioner" (w.e.f. 1.4.1989).][under sub-section (2) of that section, shall be excluded:] [Inserted by Act 41 of 1975, Section 90 (w.e.f. 1.1.1989). ][Provided that where immediately after the exclusion of the aforesaid time or period, the period of limitation referred to in sub-sections (1), (2) and (3) available to the Assessing Officer, for making an order of assessment or re-assessment, as the case may be, is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid period of limitation shall be deemed to be extended accordingly:] [ Inserted by Act 49 of 1991, Section 75 (w.e.f. 27.9.1991).][Provided further that where a proceeding before the Settlement Commission abates under section 22-HA, the period of limitation referred to in this section available to the Assessing Officer for making an order of assessment or re-assessment, as the case may be, shall, after the exclusion of the period under sub-section (4) of section 22-HA, be not less than one year; and where such period of limitation is less than one year, it shall be deemed to have been extended to one year.] [ Inserted by Act 18 of 2008, Section 61 (w.r.e.f. 1.6.2007).][ Explanation 2.-Where, by an order referred to in sub-section (4), any asset is exclued from the net wealth of one person and held to be the asset of another person, then, an assessment in respect of such asset on such other person shall, for the purposes of sub-section (2) of section 17 and this section, be deemed to be one made in consequence of, or to give effect to, any finding or direction contained in the said order, provided such other person was given an opportunity of being heard before the said order was passed.] [Inserted by Act 41 of 1975, Section 90 (w.e.f. 1.1.1989). ][17-B. Interest for defaults in furnishing return of net wealth.-(1) Where the return of net wealth for any assessment year under sub-section (1) of section 14 or section 15, or in response to a notice under clause (i) of sub-section (4) of section 16, is furnished after the due date, or is not furnished, the assessee shall be liable to pay simple interest at the rate of ] [Inserted by Act 41 of 1975, Section 90 (w.e.f. 1.1.1989). ][one per cent.] [ Substituted by Act 54 of 2003, Section 19, for " one and one-fourth per cent." (w.r.e.f. 8.9.2003).][for every month or part of a month comprised in the period commencing on the date immediately following the due date, and,¬-(a)where the return is furnished after the due date, ending on the date of furnishing of the return, or(b)where no return has been furnished, ending on the date of completion of the assessment under sub-section (5) of section 16, on the amount of tax payable on the net wealth as determined ] [under sub-¬section (1) of section 16 or] [ Inserted by Act 3 of 1989, Section 67 (w.e.f. 1.4.1989).][on regular assessment. [Inserted by Act 4 of 1988, Section 141 (w.e.f. 1.4.1989). ]Explanation 1.-In this section, "due date" means the date specified in sub-section (1) of section 14 as applicable in the case of the assessee.] [Inserted by Act 4 of 1988, Section 141 (w.e.f. 1.4.1989). ][ Explanation 2.-ln this sub-section, "tax payable on the net wealth as determined under sub-section (1) of section 16" shall not include the additional wealth-tax, if any, payable under section 16.] [ Substituted by Act 3 of 1989, Section 67, for Explanation 2 (w.e.f. 1.4.1989).][ Explanation 3.-Where, in relation to an assessment year, an assessment is made for the first time under section 17, the assessment so made shall be regarded as a regular assessment for the purposes of this section.] [Inserted by Act 4 of 1988, Section 141 (w.e.f. 1.4.1989). ][ Explanation 4.-In this sub-section, "tax payable on the net wealth as determined under sub-section (1) of section 16 or on regular assessment" shall, for the purposes of computing the interest payable under section 15-B, be deemed to be tax payable on the net wealth as declared in the return.] [ Inserted by Act 3 of 1989, Section 67 (w.e.f. 1.4.1989).]
