https://www.taxtmi.com/caselaws?id=7720 Penalty proceedings for late filing of a return relating to an assessment year governed by the repealed Act are saved by section 297(2)(g) and transfer to the Income-tax Act, 1961 where the assessment was completed on or after 1 April 1962. Because penalty proceedings are distinct from assessment proceedings, the old law does not continue to apply merely under section 297(2)(a) when the new Act specifically provides for penalty. Proceedings covered by section 297(2)(g) are treated as proceedings under the 1961 Act, so section 271(1)(a) applies mutatis mutandis and the penalty is to be computed under the statutory formula. On that basis, the penalty was governed by section 271(1)(a) and was not legally reducible to a nominal amount. en-us Thu, 28 Aug 1969 00:00:00 +0530 Wed, 18 Mar 2009 09:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7720 Penalty proceedings for late filing of a return relating to an assessment year governed by the repealed Act are saved by section 297(2)(g) and transfer to the Income-tax Act, 1961 where the assessment was completed on or after 1 April 1962. Because penalty proceedings are distinct from assessment proceedings, the old law does not continue to apply merely under section 297(2)(a) when the new Act specifically provides for penalty. Proceedings covered by section 297(2)(g) are treated as proceedings under the 1961 Act, so section 271(1)(a) applies mutatis mutandis and the penalty is to be computed under the statutory formula. On that basis, the penalty was governed by section 271(1)(a) and was not legally reducible to a nominal amount. Case-Laws Income Tax Thu, 28 Aug 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7720