https://www.taxtmi.com/caselaws?id=8640 Penalty proceedings linked to an assessment year ending on 31 March 1962, where the assessment was completed after 1 April 1962, were treated as governed by section 271 of the Income-tax Act, 1961. The analysis rejects the argument that section 297(2)(g) preserved the penalty quantum under the 1922 Act, relying on the Supreme Court rulings in Jain Brothers and Singh Engineering Works. Those decisions establish that penalty proceedings under section 297(2)(g) are to be applied under the 1961 Act and that its penalty provisions operate mutatis mutandis to such proceedings. There was no basis for splitting the penalty between the two Acts, so the 1961 Act applied. en-us Thu, 04 Mar 1971 00:00:00 +0530 Fri, 08 May 2009 18:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8640 Penalty proceedings linked to an assessment year ending on 31 March 1962, where the assessment was completed after 1 April 1962, were treated as governed by section 271 of the Income-tax Act, 1961. The analysis rejects the argument that section 297(2)(g) preserved the penalty quantum under the 1922 Act, relying on the Supreme Court rulings in Jain Brothers and Singh Engineering Works. Those decisions establish that penalty proceedings under section 297(2)(g) are to be applied under the 1961 Act and that its penalty provisions operate mutatis mutandis to such proceedings. There was no basis for splitting the penalty between the two Acts, so the 1961 Act applied. Case-Laws Income Tax Thu, 04 Mar 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8640