Section 113 - Amendment of section 17 - Taxation Laws (Amendment) Act, 1975

113. Amendment of section 17. In section 17 of the Gift-tax Act, (i) in sub-section (1), in clause (i), the words but not exceeding in the aggregate fifty per cent. of the assessed tax shall be omitted; (ii) in sub-section (3), for the words the Gift-tax Officer shall refer the case to the Inspecting Assistant Commissioner who shall, for the purpose, have all the powers conferred under this section for the imposition of penalty , the following shall be substituted, namely: the Gift-tax Officer shall not make any order for payment, by way of penalty, without the previous approval of the Inspecting Assistant Commissioner .