https://www.taxtmi.com/caselaws?id=36121 Penalty for concealment relating to assessment years ending on or before 31 March 1962 is governed by the Income-tax Act, 1961 where the assessment or reassessment was completed on or after 1 April 1962. The completion date, rather than the date of default, determines the applicable penalty regime; notices and proceedings under the 1961 Act are consequently valid. A dissolved firm remains assessable for income earned before dissolution, and reassessment proceedings under the Indian Income-tax Act, 1922 may continue. Notice addressed to the firm and served on a former partner remains valid where the business continued through a reconstituted firm. en-us Wed, 02 Jan 1980 00:00:00 +0530 Fri, 19 Mar 2010 13:51:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36121 Penalty for concealment relating to assessment years ending on or before 31 March 1962 is governed by the Income-tax Act, 1961 where the assessment or reassessment was completed on or after 1 April 1962. The completion date, rather than the date of default, determines the applicable penalty regime; notices and proceedings under the 1961 Act are consequently valid. A dissolved firm remains assessable for income earned before dissolution, and reassessment proceedings under the Indian Income-tax Act, 1922 may continue. Notice addressed to the firm and served on a former partner remains valid where the business continued through a reconstituted firm. Case-Laws Income Tax Wed, 02 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36121