https://www.taxtmi.com/circulars?id=10181 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. en-us Fri, 19 Apr 1974 00:00:00 +0530 Sat, 11 Jun 2011 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10181 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. Circulars Income Tax Fri, 19 Apr 1974 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10181