https://www.taxtmi.com/caselaws?id=8104 Penalty for delay in filing a return was governed by the Income-tax Act, 1961 because the assessment was completed after that Act came into force, even though the return related to assessment year 1959-60. The Tribunal erred in applying the earlier Income-tax Act and reducing the penalty on that basis. The reduction could not be sustained, as section 271(1)(a) of the 1961 Act was the applicable penalty provision. The question was answered in the negative and in favour of the Revenue, and the reduction of penalty under the earlier Act was held invalid. en-us Tue, 21 Apr 1970 00:00:00 +0530 Sat, 28 Mar 2009 17:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8104 Penalty for delay in filing a return was governed by the Income-tax Act, 1961 because the assessment was completed after that Act came into force, even though the return related to assessment year 1959-60. The Tribunal erred in applying the earlier Income-tax Act and reducing the penalty on that basis. The reduction could not be sustained, as section 271(1)(a) of the 1961 Act was the applicable penalty provision. The question was answered in the negative and in favour of the Revenue, and the reduction of penalty under the earlier Act was held invalid. Case-Laws Income Tax Tue, 21 Apr 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8104