https://www.taxtmi.com/caselaws?id=39543 Transitional penalty proceedings under the Income-tax Act, 1961 depend on the date of completion of the assessment, not merely on when the default under the 1922 Act occurred. Where the assessment was completed on or after 1 April 1962, section 297(2)(g) authorised initiation and imposition of penalty under section 273(b) of the 1961 Act for a default committed under section 18A(3) of the 1922 Act. The controlling principle is that the assessing authority's satisfaction for penalty arises at the stage of assessment completion, making that date determinative for applying the new penalty regime. en-us Wed, 22 Aug 1973 00:00:00 +0530 Sat, 17 Apr 2010 11:57:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39543 Transitional penalty proceedings under the Income-tax Act, 1961 depend on the date of completion of the assessment, not merely on when the default under the 1922 Act occurred. Where the assessment was completed on or after 1 April 1962, section 297(2)(g) authorised initiation and imposition of penalty under section 273(b) of the 1961 Act for a default committed under section 18A(3) of the 1922 Act. The controlling principle is that the assessing authority's satisfaction for penalty arises at the stage of assessment completion, making that date determinative for applying the new penalty regime. Case-Laws Income Tax Wed, 22 Aug 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39543