https://www.taxtmi.com/caselaws?id=28704 For an assessment year governed by the old Act but completed on or after 1 April 1962, penalty proceedings had to be initiated under the Income-tax Act, 1961, because the critical date was the completion of assessment, not the assessment year to which it related. The document also states that the penalty notice and order were invalid where the officer lacked jurisdiction under section 274(2), as the relevant power vested in a higher authority on the facts. The penalty proceedings were therefore fundamentally defective and the assessee succeeded on the jurisdictional objection. en-us Wed, 27 Jan 1982 00:00:00 +0530 Thu, 25 Feb 2010 10:26:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28704 For an assessment year governed by the old Act but completed on or after 1 April 1962, penalty proceedings had to be initiated under the Income-tax Act, 1961, because the critical date was the completion of assessment, not the assessment year to which it related. The document also states that the penalty notice and order were invalid where the officer lacked jurisdiction under section 274(2), as the relevant power vested in a higher authority on the facts. The penalty proceedings were therefore fundamentally defective and the assessee succeeded on the jurisdictional objection. Case-Laws Income Tax Wed, 27 Jan 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28704