https://www.taxtmi.com/caselaws?id=9293 Penalty for failure to file a return could be initiated under the Income-tax Act, 1961 where the Income-tax Officer recorded satisfaction during the assessment proceedings, even if the penalty notice was issued later. The notice was treated as a consequential step, not a condition precedent to completion of the assessment. Where the de novo assessment was completed after 1 April 1962, section 297(2)(g) governed the penalty proceedings for the earlier assessment year, so the new Act applied. A mistaken reference to the old Act in the notice did not invalidate the proceedings where the substantive power to levy penalty otherwise existed. en-us Thu, 05 Apr 1973 00:00:00 +0530 Sun, 21 Jun 2009 17:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9293 Penalty for failure to file a return could be initiated under the Income-tax Act, 1961 where the Income-tax Officer recorded satisfaction during the assessment proceedings, even if the penalty notice was issued later. The notice was treated as a consequential step, not a condition precedent to completion of the assessment. Where the de novo assessment was completed after 1 April 1962, section 297(2)(g) governed the penalty proceedings for the earlier assessment year, so the new Act applied. A mistaken reference to the old Act in the notice did not invalidate the proceedings where the substantive power to levy penalty otherwise existed. Case-Laws Income Tax Thu, 05 Apr 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9293