https://www.taxtmi.com/caselaws?id=6774 Where reassessment proceedings had already commenced under section 34 of the Indian Income-tax Act, 1922, the savings and transitional scheme in section 297 of the Income-tax Act, 1961 required those proceedings to continue as if the 1961 Act had not been passed, so penalty for defaults in those proceedings could not be levied under section 271 of the 1961 Act; any penalty, if otherwise permissible, had to arise under the repealed Act. On the discretion point, section 271(1)(a) did not permit the Tribunal to refuse penalty merely as a matter of choice where a default existed without reasonable cause; no penalty could be declined only if there was no default or reasonable cause was shown. en-us Wed, 10 Aug 1966 00:00:00 +0530 Mon, 02 Feb 2009 09:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6774 Where reassessment proceedings had already commenced under section 34 of the Indian Income-tax Act, 1922, the savings and transitional scheme in section 297 of the Income-tax Act, 1961 required those proceedings to continue as if the 1961 Act had not been passed, so penalty for defaults in those proceedings could not be levied under section 271 of the 1961 Act; any penalty, if otherwise permissible, had to arise under the repealed Act. On the discretion point, section 271(1)(a) did not permit the Tribunal to refuse penalty merely as a matter of choice where a default existed without reasonable cause; no penalty could be declined only if there was no default or reasonable cause was shown. Case-Laws Income Tax Wed, 10 Aug 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6774