Assessment set aside on remand meant no completed pre-1962 assessment, so penalty under the new Act remained validly leviable.

Where the Tribunal set aside the original assessment and remanded the matter for fresh consideration, the earlier order ceased to be final and there was no completed assessment before 1 April 1962 for the saving provision under the repealed Act. The fresh assessment made after remand was treated as the operative assessment, so penalty proceedings were governed by the new Act and penalty was validly leviable. The contrary authority relied on by the assessee was distinguished because it did not involve an assessment order that had been set aside and remanded.

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Issues: Whether, after the Tribunal set aside the original assessment and remanded the matter, the assessment for the relevant year could still be treated as completed before 1 April 1962 so as to attract the saving provision for penalty under the repealed Act, or whether the penalty proceedings were governed by the new Act.

Analysis: The original assessment order was not treated as final once the Tribunal set it aside and remitted the matter for fresh consideration. In consequence, there was no completed assessment before 1 April 1962 within the meaning of the saving provision. The later fresh assessment made after remand was the operative assessment for the purpose of penalty, and the case therefore fell within the provision enabling initiation and imposition of penalty under the new Act. The relied-upon contrary authority was distinguished on the ground that it did not involve a situation where the assessment order had been set aside and the matter remanded.

Conclusion: The question was answered in the affirmative and against the assessee, and penalty under the new Act was held to be validly leviable.

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