17. Wealth escaping assessment. 3[
] If the Wealth- tax Officer--
4[ has reason to believe that by reason of the omission or failure on the part of any person to make a return under section 14 of his net wealth or the net wealth of 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 his net wealth or the net wealth of such other person for that year, the net wealth chargeable to tax 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 the net wealth chargeable to tax 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, 1[ serve on such person] a notice containing all or any of the requirements which may be included in a notice under sub- section (2) of section 14, and may proceed to assess or re- assess such net wealth, and the provisions of this Act shall, so far as may be, apply as if the notice had issued under that sub- section.
2[ Nothing contained in this section limiting the time within which any proceeding for assessment or re- assessment may be commenced, shall apply to an assessment or re- assessment to be made on such person in consequence of or to give effect to any finding or direction contained in an order under section 23, 24, 25, 27 or 29: Provided that the provisions of this sub- section shall not apply in any case where any such assessment or re- assessment relates to an assessment year in respect of which an assessment or re- assessment could not have been made at the time the order which was the subject matter of the appeal, reference or revision, as the case may be, was made by reason of any provision limiting the time within which any action for assessment or re- assessment may be taken.]