https://www.taxtmi.com/caselaws?id=36122 Where a return default arose under the 1922 Act but assessment was completed on or after 1 April 1962, penalty proceedings fall under section 271(1)(a) of the Income-tax Act, 1961 by virtue of section 297(2)(g). The provision applies the 1961 Act's fixed penalty formula of 2% of tax for each month of default, subject to the 50% ceiling, and does not permit reduction below the statutory minimum merely because the default occurred earlier. The Tribunal therefore lacked jurisdiction to scale the penalty down below the prescribed minimum. en-us Thu, 19 Jul 1979 00:00:00 +0530 Fri, 19 Mar 2010 13:53:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36122 Where a return default arose under the 1922 Act but assessment was completed on or after 1 April 1962, penalty proceedings fall under section 271(1)(a) of the Income-tax Act, 1961 by virtue of section 297(2)(g). The provision applies the 1961 Act's fixed penalty formula of 2% of tax for each month of default, subject to the 50% ceiling, and does not permit reduction below the statutory minimum merely because the default occurred earlier. The Tribunal therefore lacked jurisdiction to scale the penalty down below the prescribed minimum. Case-Laws Income Tax Thu, 19 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36122