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1972 (5) TMI 16 - DELHI HIGH COURTDelay in filing returns - Income-tax Officer applying the provisions of section 271(1)(a) of the new Act calculated the penalty leviable at 2 per cent. of the tax for each month of default - Return was filed after penalty notice was issued under the old Act – held that further notice under the new Act for penalty could be validly issued - Tribunal was not correct in holding that the proceedings were not commenced in accordance with the law.
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