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of <h1>Repeal of Indian Income-tax Act 1922: Transitional Provisions and Continuation of Assessments under New Act</h1> The Indian Income-tax Act, 1922 is repealed, but certain provisions continue to apply. Assessments and proceedings initiated under the repealed Act before the commencement of the new Act may proceed as if the new Act had not been enacted. Returns filed after commencement for earlier years shall be assessed under the new Act. Pending appeals, references, or revisions continue under the old Act. Notices issued under the repealed Act before commencement remain valid, and new notices may be issued under the new Act for escaped income. Penalty proceedings related to assessments before or after commencement follow respective Acts. Elections, declarations, and options made under the repealed Act are deemed valid under the new Act. Refunds and defaults relating to completed assessments before commencement are governed by the new Act. Recovery of dues and continuation of agreements, approvals, notifications, and rules under the repealed Act persist unless inconsistent with the new Act. Expired limitation periods under the old Act are not extended by the new Act.
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