https://www.taxtmi.com/caselaws?id=35945 Under the transitional scheme in section 297(2)(g), penalty for a delayed return had to be imposed under section 271(1)(a) of the Income-tax Act, 1961, even though the default occurred when the 1922 Act was in force. The applicable penalty quantum therefore had to be determined by the later Act's prescribed rates, and it could not be reduced by referring back to the period of infringement under the earlier regime. On that principle, the Tribunal was not justified in cutting the penalty below the statutory minimum applicable under section 271(1)(a), and the Revenue's position prevailed. en-us Fri, 23 Nov 1979 00:00:00 +0530 Thu, 18 Mar 2010 11:26:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35945 Under the transitional scheme in section 297(2)(g), penalty for a delayed return had to be imposed under section 271(1)(a) of the Income-tax Act, 1961, even though the default occurred when the 1922 Act was in force. The applicable penalty quantum therefore had to be determined by the later Act's prescribed rates, and it could not be reduced by referring back to the period of infringement under the earlier regime. On that principle, the Tribunal was not justified in cutting the penalty below the statutory minimum applicable under section 271(1)(a), and the Revenue's position prevailed. Case-Laws Income Tax Fri, 23 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35945