https://www.taxtmi.com/caselaws?id=29651 Section 297 of the Income-tax Act, 1961 distinguishes between assessments completed before 1 April 1962 and those completed on or after that date. Where reassessment is completed after 1 April 1962, penalty proceedings for concealment are to be initiated and penalty imposed under the 1961 Act, not the repealed 1922 Act. In that setting, the minimum penalty prescribed by the 1961 Act applies, as the post-1962 assessment brings the matter within the new statute's penalty regime. en-us Tue, 16 Dec 1980 00:00:00 +0530 Mon, 15 Mar 2010 13:24:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29651 Section 297 of the Income-tax Act, 1961 distinguishes between assessments completed before 1 April 1962 and those completed on or after that date. Where reassessment is completed after 1 April 1962, penalty proceedings for concealment are to be initiated and penalty imposed under the 1961 Act, not the repealed 1922 Act. In that setting, the minimum penalty prescribed by the 1961 Act applies, as the post-1962 assessment brings the matter within the new statute's penalty regime. Case-Laws Income Tax Tue, 16 Dec 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29651