Repeal and savings: transitional rules preserve pending tax assessments and allow continued recovery and penalty proceedings. Repeal of the prior income-tax statute is effected while preserving a comprehensive scheme of transitional provisions: existing returns and proceedings may continue as if repeal had not occurred; certain notices and reassessment powers are governed by the new Act for escaped income; elections, declarations, agreements and notifications under the repealed Act persist where consistent with the new Act; and penalty, refund, interest and recovery mechanisms are allocated between the repealed law and the new Act to ensure orderly transition.