https://www.taxtmi.com/caselaws?id=39053 Penalty proceedings for an assessment year governed substantively by the 1922 Act, but initiated after the 1961 Act came into force, were held to fall under the transitional provision in section 297(2)(g) of the Income-tax Act, 1961. The article explains that the Tribunal wrongly applied the 1922 Act merely because it had no minimum penalty. It further states that income-tax penalty is a deterrent fiscal consequence, not a criminal prosecution for an offence, so article 20(1) of the Constitution does not bar application of the penalty provisions in force when proceedings are initiated. The statutory minimum penalty under section 271(1)(c) therefore applied. en-us Wed, 24 Nov 1971 00:00:00 +0530 Mon, 12 Apr 2010 12:17:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39053 Penalty proceedings for an assessment year governed substantively by the 1922 Act, but initiated after the 1961 Act came into force, were held to fall under the transitional provision in section 297(2)(g) of the Income-tax Act, 1961. The article explains that the Tribunal wrongly applied the 1922 Act merely because it had no minimum penalty. It further states that income-tax penalty is a deterrent fiscal consequence, not a criminal prosecution for an offence, so article 20(1) of the Constitution does not bar application of the penalty provisions in force when proceedings are initiated. The statutory minimum penalty under section 271(1)(c) therefore applied. Case-Laws Income Tax Wed, 24 Nov 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39053