https://www.taxtmi.com/caselaws?id=27282 Proceedings begun before the Income-tax Act, 1961 continued to be governed by the Indian Income-tax Act, 1922 under section 297(2)(a), and the use of "may" did not give the Income-tax Officer an option to proceed under either Act. A refund arising from a reassessment order treated as an order under the 1922 Act could not be brought within section 240 of the 1961 Act, and therefore did not attract interest under section 244(1). Section 297(2)(i) also did not apply because the refund was linked to a fresh assessment after the 1961 Act commenced, not to the earlier annulled assessment. The departmental circular was consistent with section 297(2)(i) but did not extend to such a refund. en-us Thu, 08 Dec 1983 00:00:00 +0530 Thu, 11 Feb 2010 18:23:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27282 Proceedings begun before the Income-tax Act, 1961 continued to be governed by the Indian Income-tax Act, 1922 under section 297(2)(a), and the use of "may" did not give the Income-tax Officer an option to proceed under either Act. A refund arising from a reassessment order treated as an order under the 1922 Act could not be brought within section 240 of the 1961 Act, and therefore did not attract interest under section 244(1). Section 297(2)(i) also did not apply because the refund was linked to a fresh assessment after the 1961 Act commenced, not to the earlier annulled assessment. The departmental circular was consistent with section 297(2)(i) but did not extend to such a refund. Case-Laws Income Tax Thu, 08 Dec 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27282