¹[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,—

   (i)  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)  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—

   (i)  for any assessment year commencing prior to the 1st day of April, 1975; or

   (ii)  for any assessment year commencing on or after the 1st day of April, 1975, if—

   (a)  the return is furnished by him before the expiry of the assessment year; or

   (b)  the tax payable by him on his net wealth determined on regular assessment does not exceed three thousand rupees.]