https://www.taxtmi.com/caselaws?id=7663 Penalty under section 271 of the Income-tax Act, 1961 could be initiated only in proceedings under that Act and only where the specified defaults were found. Because the assessment and related notices were issued under the repealed Indian Income-tax Act, 1922, the statutory preconditions for section 271 were absent and the penalty notices could not be sustained. Section 297(2)(g) was only a transitional provision and did not create an independent substantive power to impose penalty or cure the lack of jurisdiction. The commentary notes that article 14 was not finally decided, as the matter was disposed of on the first ground. en-us Wed, 05 Mar 1969 00:00:00 +0530 Tue, 17 Mar 2009 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7663 Penalty under section 271 of the Income-tax Act, 1961 could be initiated only in proceedings under that Act and only where the specified defaults were found. Because the assessment and related notices were issued under the repealed Indian Income-tax Act, 1922, the statutory preconditions for section 271 were absent and the penalty notices could not be sustained. Section 297(2)(g) was only a transitional provision and did not create an independent substantive power to impose penalty or cure the lack of jurisdiction. The commentary notes that article 14 was not finally decided, as the matter was disposed of on the first ground. Case-Laws Income Tax Wed, 05 Mar 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7663