https://www.taxtmi.com/caselaws?id=36121 Penalty for concealment relating to assessment years ending on or before 31 March 1962 depends on the date of completion of the assessment or reassessment, not on when the default occurred. Where reassessment was completed after 1 April 1962, penalty proceedings fall under the Income-tax Act, 1961, and notices under sections 271 and 274 are valid. The notes also state that a dissolved firm may still be proceeded against for income earned during its existence, and that notice addressed to the firm and served on a former partner can remain valid for reassessment of pre-dissolution income. 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 depends on the date of completion of the assessment or reassessment, not on when the default occurred. Where reassessment was completed after 1 April 1962, penalty proceedings fall under the Income-tax Act, 1961, and notices under sections 271 and 274 are valid. The notes also state that a dissolved firm may still be proceeded against for income earned during its existence, and that notice addressed to the firm and served on a former partner can remain valid for reassessment of pre-dissolution income. Case-Laws Income Tax Wed, 02 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36121