https://www.taxtmi.com/caselaws?id=8482 Penalty for late filing of a return under the 1961 Act was treated as applicable to a default that arose under section 22(1) of the 1922 Act because section 297(2)(g) preserved the new penalty machinery for such transitional cases. The calculation of penalty was also held to cover the entire continuance of the default, not merely the period after 1 April 1962, since section 271(1)(i) requires computation at a monthly rate for the whole period of delay. The penalty under section 271(1)(a) was therefore validly attracted and correctly computed for the full default period. en-us Tue, 02 Mar 1971 00:00:00 +0530 Sun, 26 Apr 2009 22:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8482 Penalty for late filing of a return under the 1961 Act was treated as applicable to a default that arose under section 22(1) of the 1922 Act because section 297(2)(g) preserved the new penalty machinery for such transitional cases. The calculation of penalty was also held to cover the entire continuance of the default, not merely the period after 1 April 1962, since section 271(1)(i) requires computation at a monthly rate for the whole period of delay. The penalty under section 271(1)(a) was therefore validly attracted and correctly computed for the full default period. Case-Laws Income Tax Tue, 02 Mar 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8482