https://www.taxtmi.com/caselaws?id=37211 For assessments relating to years ending on or before 31 March 1962 but completed on or after 1 April 1962, concealment penalty proceedings are governed by section 297(2)(g) of the Income-tax Act, 1961, and penalty is imposed under the 1961 Act. The date on which the original return was filed or the concealment occurred does not displace the saving provision. Section 297(2) draws a distinction between assessments completed before and after 1 April 1962, and the later completion date brings the matter within the new Act even for earlier assessment years. Hardship from the minimum penalty under the 1961 Act cannot override the statutory language. en-us Mon, 26 Feb 1979 00:00:00 +0530 Sat, 27 Mar 2010 14:08:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37211 For assessments relating to years ending on or before 31 March 1962 but completed on or after 1 April 1962, concealment penalty proceedings are governed by section 297(2)(g) of the Income-tax Act, 1961, and penalty is imposed under the 1961 Act. The date on which the original return was filed or the concealment occurred does not displace the saving provision. Section 297(2) draws a distinction between assessments completed before and after 1 April 1962, and the later completion date brings the matter within the new Act even for earlier assessment years. Hardship from the minimum penalty under the 1961 Act cannot override the statutory language. Case-Laws Income Tax Mon, 26 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37211