Penalty under the Income Tax Act applies where earlier penalty proceedings continue and are deemed continued under the new law. Penalty liability for assessments completed after the appointed day must be imposed under the Income-tax Act, 1961 even if penalty proceedings were initiated under the earlier statute; proceedings validly initiated under the old law are deemed to have been initiated and continued under the 1961 Act by virtue of the transitional deeming provision, and officers should apply this position when handling audit objections.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty under the Income Tax Act applies where earlier penalty proceedings continue and are deemed continued under the new law.
Penalty liability for assessments completed after the appointed day must be imposed under the Income-tax Act, 1961 even if penalty proceedings were initiated under the earlier statute; proceedings validly initiated under the old law are deemed to have been initiated and continued under the 1961 Act by virtue of the transitional deeming provision, and officers should apply this position when handling audit objections.
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