https://www.taxtmi.com/caselaws?id=6527 The saving provision in section 297(2)(g) of the Income-tax Act, 1961 preserves penalty proceedings for advance-tax estimates relating to assessment years ending on or before 31 March 1962 where the regular assessment was completed on or after 1 April 1962. In that situation, the new Act applies mutatis mutandis, so penalty for furnishing an untrue estimate may be initiated and imposed under section 273 of the 1961 Act rather than under section 18A of the 1922 Act. The question was answered in the affirmative, and the penalty was held competent under the new Act. en-us Tue, 11 Aug 1970 00:00:00 +0530 Fri, 05 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6527 The saving provision in section 297(2)(g) of the Income-tax Act, 1961 preserves penalty proceedings for advance-tax estimates relating to assessment years ending on or before 31 March 1962 where the regular assessment was completed on or after 1 April 1962. In that situation, the new Act applies mutatis mutandis, so penalty for furnishing an untrue estimate may be initiated and imposed under section 273 of the 1961 Act rather than under section 18A of the 1922 Act. The question was answered in the affirmative, and the penalty was held competent under the new Act. Case-Laws Income Tax Tue, 11 Aug 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6527