https://www.taxtmi.com/caselaws?id=27921 For penalty proceedings relating to a pre-1962 assessment completed after 1 April 1962, section 297(2)(g) of the Income-tax Act, 1961 permits initiation and imposition of penalty under the 1961 Act. The retrospective amendment made by section 13 of the Direct Taxes (Amendment) Act, 1974, including the Explanation to section 271, applies to proceedings under section 271(1)(a). Accordingly, the penalty computation is governed by the amended provision rather than the earlier law, and the earlier view tying penalty to the old Act is rendered inapplicable by the statutory fiction created by the amendment. en-us Mon, 27 Jun 1983 00:00:00 +0530 Tue, 16 Feb 2010 18:00:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27921 For penalty proceedings relating to a pre-1962 assessment completed after 1 April 1962, section 297(2)(g) of the Income-tax Act, 1961 permits initiation and imposition of penalty under the 1961 Act. The retrospective amendment made by section 13 of the Direct Taxes (Amendment) Act, 1974, including the Explanation to section 271, applies to proceedings under section 271(1)(a). Accordingly, the penalty computation is governed by the amended provision rather than the earlier law, and the earlier view tying penalty to the old Act is rendered inapplicable by the statutory fiction created by the amendment. Case-Laws Income Tax Mon, 27 Jun 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27921