https://www.taxtmi.com/caselaws?id=39072 Section 297(2)(g) of the Income-tax Act, 1961 permits penalty under section 271(1)(a) for assessment years preceding 1962-63 where the assessment is completed on or after 1 April 1962. The applicable penalty regime is therefore determined by the law in force at the time of assessment, rather than by the earlier Act. Once penalty is levied under the 1961 Act, its computation follows section 271(1), and the period of default is measured from the date of default itself. The commencement of the Act does not exclude default occurring before 1 April 1962 from the penalty calculation. en-us Wed, 03 Sep 1975 00:00:00 +0530 Mon, 12 Apr 2010 13:23:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39072 Section 297(2)(g) of the Income-tax Act, 1961 permits penalty under section 271(1)(a) for assessment years preceding 1962-63 where the assessment is completed on or after 1 April 1962. The applicable penalty regime is therefore determined by the law in force at the time of assessment, rather than by the earlier Act. Once penalty is levied under the 1961 Act, its computation follows section 271(1), and the period of default is measured from the date of default itself. The commencement of the Act does not exclude default occurring before 1 April 1962 from the penalty calculation. Case-Laws Income Tax Wed, 03 Sep 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39072