Repeals and savings.
297. (1) The Indian Income-tax Act, 1922 (11 of 1922), is
hereby repealed.
(2)
Notwithstanding the repeal of the Indian Income-tax Act, 1922 (11 of 1922)
(hereinafter referred to as the repealed Act),—
(a) where a return of income has been filed before the commencement of
this Act by any person for any assessment year, proceedings for the assessment55 of that
person for that year may be taken and continued as if this Act had not been
passed;
(b) where a return of income is filed after the commencement of this
Act otherwise than in pursuance of a notice under section 34 of the repealed
Act by any person for the assessment year ending on the 31st day of March,
1962, or any earlier year, the assessment of that person for that year shall be
made in accordance with the procedure specified in this Act;
(c) any proceeding pending on the commencement of this Act before any
income-tax authority, the Appellate Tribunal or any court, by way of appeal,
reference, or revision, shall be continued and disposed of as if this Act had
not been passed;
(d) where in respect of any assessment year after the year ending on
the 31st day of March, 1940,—
(i) a notice under section 34 of the repealed Act had been issued
before the commencement of this Act, the proceedings in pursuance of such
notice may be continued and disposed of as if this Act had not been passed;
(ii) any income chargeable to tax had escaped assessment within the
meaning of that expression in section
147 and no proceedings under section 34 of the repealed Act in respect of
any such income are pending at the commencement of this Act, a notice under section 148 may, subject to the provisions contained
in section 149 or section
150, be issued with respect to that assessment year and all the provisions
of this Act shall apply accordingly56;
(e) 57[subject to
the provisions of clause (g) and clause (j) of this sub-section,]
section 23A of the repealed Act shall continue to have effect in relation to
the assessment of any company or its shareholders for the assessment year
ending on the 31st day of March, 1962 or any earlier year, and the provisions
of the repealed Act shall apply to all matters arising out of such assessment
as fully and effectually as if this Act had not been passed;
(f) any proceeding for the imposition of a
penalty in respect of any assessment completed before the first day of April,
1962, may be initiated and any such penalty may be imposed as if this Act had
not been passed;
(g) any proceeding for the imposition of a
penalty in respect of any assessment for the year ending on the 31st day of
March, 1962, or any earlier year, which is completed on or after the 1st day of
April, 1962, may be initiated and any such penalty may be imposed under this
Act;
(h) any election or declaration made or option
exercised by an assessee under any provision of the repealed Act and in force
immediately before the commencement of this Act shall be deemed to have been an
election or declaration made or option exercised under the corresponding
provision of this Act;
(i) where, in respect of any assessment completed
before the commencement of this Act, a refund falls due after such commencement
or default is made after such commencement in the payment of any sum due under
such completed assessment,58 the
provisions of this Act relating to interest payable by the Central Government
on refunds and interest payable by the assessee for default shall apply;
(j) any sum payable by way of income-tax,
super-tax, interest, penalty or otherwise under the repealed Act may be
recovered under this Act, but without prejudice to any action already taken for
the recovery of such sum under the repealed Act;
(k) any agreement entered into, appointment made,
approval given, recognition granted, direction, instruction, notification,
order or rule issued under any provision of the repealed Act shall, so far
as it is not inconsistent with the corresponding provision of this Act, be
deemed to have been entered into, made, granted, given or issued under the
corresponding provision aforesaid and shall continue in force accordingly;
(l) 59any
notification issued under sub-section (1) of section 60 60[or section
60A] of the repealed Act and in force immediately before the commencement of
this Act shall, to the extent to which provision has not been made under this
Act, continue in force 61[***]:
62[Provided
that the Central Government may rescind any such notification or amend it so as
to rescind any exemption, reduction in rate or other modification made
thereunder;]
(m) where the period prescribed for any
application, appeal, reference or revision under the repealed Act had expired
on or before the commencement of this Act, nothing in this Act shall be
construed as enabling any such application, appeal, reference or revision to be
made under this Act by reason only of the fact that a longer period therefor is
prescribed or provision is made for extension of time in suitable cases by the
appropriate authority.