TaxTMI 
TaxTMI 
Repeals and savings.
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.... return of income is filed after the commencement of this Code, otherwise than in pursuance of a notice under section 148 of the repealed Income-tax Act, by any person for the financial year ending on the 31st day of March, 2012, or any earlier year, the assessment of that person for that year shall be made in accordance with the procedure specified in this Code; (c) where a return of wealth is filed after the commencement of this Code, otherwise than in pursuance of a notice under section 17 of the repealed Wealth-tax Act, by any person for the financial year ending on the 31st day of March, 2012, or any earlier year, the assessment of that person for that year shall be made in accordance with the procedure spec....
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....proceeding for the imposition of a penalty in respect of any assessment completed before the first day of April, 2012, may be initiated and any such penalty may be imposed under the repealed Income-tax Act, or as the case may be, the repealed Wealth-tax Act as if this Code had not been enacted; (g) any proceeding for the imposition of a penalty in respect of any assessment for the financial year ending on the 31st day of March, 2011, or any earlier year, which is completed on or after the 1st day of April, 2011, may be initiated and any such penalty may be imposed under this Code; (h) any election or declaration made, or option exercised, by an assessee under any provision of the repea....
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....n made under the corresponding provisions of this Code and shall continue to remain in force accordingly; (m) any order made under any provision of the repealed Income-tax Act or as the case may be, the repealed Wealth-Tax Act. shall, so far as it is not inconsistent with the corresponding provisions of this Code, be deemed to have been made under the corresponding provisions aforesaid and shall continue in force accordingly; (n) where the period prescribed for any application, appeal, reference or revision under the repealed Income-tax Act or as the case may be, the repealed Wealth-tax Act had expired on or before the commencement of this Code, nothing in this Code shall be construed as enabling ....
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....bsp; (iv) that the assessee otherwise continues to satisfy the conditions as specified in the respective sections in the financial year; (p) the deduction under section 80-IAB of the repealed Income-tax Act shall continue to be allowed under this Code, if the assessee, being a developer engaged in the business of developing, operating and maintaining a Special Economic Zone notified on or before 31st day of March, 2012 under the Special Economic Zones Act, 2005, subject to the conditions— (i) that the amount of profits eligible for deduction under the provisions of the aforesaid section are calculated in accordance with the provisions of this Code other than the pro....
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....iod for which the deduction is allowed under the provisions of the aforesaid section shall not include a period for which the deduction was otherwise not allowable under the repealed Income-tax Act; (iii) that the amount related to capital expenditure if any excluded in (i) above shall not be allowed as deduction under this Code in computing the gross total income; and (iv) that the assessee otherwise continue to satisfy the conditions as specified in the respective section in the financial year; (r) the deduction under section 10AA of the repealed Income-tax Act shall continue to be allowed under this Code, if the assessee, being an entrep....
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....sp; (A) it is engaged in commercial production of mineral oil in any blocks licensed under a single contract, which is awarded under the New Exploration Licensing Policy announced by the Government of India vide Resolution No. O19018/22/95-ONG.DO.DL, dated 10th February, 1999 (hereinafter referred as the NELP) or has been awarded in pursuance of any law for the time being in force or has been awarded by the Central or a State Government in any other manner, before the commencement of this Code; (B) it is engaged in refining of mineral oil and begins such refining on or after the 1st day of October, 1998 but not later than t....