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35B. Failure to furnish returns of net wealth.
If a person wilfully fails to furnish in due time the return of his net wealth which he is required to furnish under sub-section (1) of section 14 or by notice given under sub-section (2) of section 14 or under sub-section (1) of section 17, he shall be punishable,—
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in a case where the amount of tax, which would have been evaded if the failure had not been discovered, exceeds one hundred thousand rupees, with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine; |
| (ii) |
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in any other case, with rigorous imprisonment for a term which shall not be less than three months but which may extend to three years and with fine: |
Provided that a person shall not be proceeded against under this section for failure to furnish in due time the return of net wealth under sub-section (1) of section 14—
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for any assessment year commencing prior to the 1st day of April, 1975; or |
| (ii) |
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for any assessment year commencing on or after the 1st day of April, 1975, if— |
| (a) |
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the return is furnished by him before the expiry of the assessment year; or |
| (b) |
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the tax payable by him on his net wealth determined on regular assessment does not exceed three thousand rupees. |
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