16. Gift escaping assessment.
If the Gift- tax Officer-
2[ 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]
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
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.