COMMISSIONER OF INCOME-TAX, DELHI (CENTRAL) NEW DELHI vs M/S. SINGH ENGINEERING WORKS (P) LTD. KANPUR

The Supreme Court held that penalties under Section 273 of the Income-tax Act, 1961, can be imposed for defaults related to advance tax payments made under Section 18A of the Income-tax Act, 1922, provided the assessment is completed after April 1, 1962. The Court clarified that Section 297(2)(g) of the 1961 Act allows for such penalties to be initiated for assessments completed post the specified date. Consequently, the Tribunal's decision to not impose penalties was overturned, affirming the applicability of the new Act's provisions to the case at hand.