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1972 (2) TMI 10 - HC - Income TaxQuantum of penalty – Act of 1922 and Act of 1961 - penalty in respect of defaults committed with regard to any assessment year before 1st April, 1962 in respect of which the assessment is completed after that date is to be imposed under Income-tax Act, 1961 and not under Indian Income-tax Act, 1922 - Under the 1922 Act the Income-tax Officer had the jurisdiction to impose penalty up to 1 1/2 times the tax levied. The penalty to the extent of 40 per cent. of the tax levied in the present case was within that limit and that penalty was reduced by the Tribunal on a wrong interpretation of the provisions of the 1961 Act. The violation of article 20 of the Constitution does not take place when a wrong order is rectified
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