Liability of transferees of properties in certain cases.
33. (1) Where
by reason of the provisions contained in section 4, the value of any assets
transferred to any of the persons mentioned in that section have to be included
in the net wealth of an individual, the person in whose name such assets stand
shall, notwithstanding anything contained in any law to the contrary, be
liable, on the service of a notice of demand by the 12[Assessing Officer] in this behalf, to pay
that portion of the tax assessed on the assessee as is attributable to the
value of the asset standing in his name as aforesaid:
Provided that where
any such asset is held jointly by more than one person, they shall be jointly
and severally liable to pay the tax as is attributable to the value of the
asset so jointly held.
(2) Where any such person as is
referred to in sub-section (1) defaults in making payment of any tax demanded
from him, he shall be deemed to be an assessee in default in respect of such
sum, and all the provisions of this Act relating to recovery shall apply
accordingly.