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TMI BlogRepeals and savings.X X X X Extracts X X X X X X X X Extracts X X X X ..... ce of a notice under section 148 of the repealed Income-tax Act, by any person for the financial year ending on the 31st day of March, 2012, or any earlier year, the assessment of that person for that year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of wealth is filed after the commencement of this Code, otherwise than in pursuance of a notice under section 17 of the repealed Wealth-tax Act, by any person for the financial year ending on the 31st day of March, 2012, or any earlier year, the assessment of that person for that year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 specified in this Code; (d) any proceeding pending on the commencement of this Code before any income-tax authority, weal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een 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under this Code; (h) any election or declaration made, or option exercised, by an assessee under any provision of the repealed Income-tax Act or as the case may be, the repealed Wealth-tax Act and in force immediately before the commencement of this Code shall be deemed to have been an election or declaration made, or option exercised, under the corresponding provision of this Code; (i) where, in respect of any assessment completed before the commencement of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibed for any application, appeal, reference or revision under the repealed Income-tax Act or as the case may be, the repealed Wealth-tax Act had expired on or before the commencement of this Code, nothing in this Code shall be construed as enabling any such application, appeal, reference or revision to be made under this Code 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; (o) the deduction under section 80-IA, section 80-IB (other than sub-section (9), section 80-IC, section 80-ID, section 80-IE or section 80JJA or section 80JJAA of the repealed Income-tax Act shall continue to be allowed under this Code, if the assessee is eli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of paragraph (4) of the Twelfth Schedule relating to capital expenditure; (ii) that the period 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 continues to satisfy the conditions as specified in the respective section in the financial year; (q) the deduction under section 80LA of the repealed Income-tax Act shall continue to be allowed under this Code, if the assessee commences its business o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e aforesaid section are calculated in accordance with the provisions of this Code other than the provisions in clauses (d) and (e) of paragraph (4) of the Twelfth Schedule relating to capital expenditure; (ii) that the period 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) 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; (s) the deduction under sub-sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated in accordance with the provisions of this Code other than the provisions in clauses (d) and (f) of paragraph 3 of the Eleventh Schedule relating to capital expenditure; (ii) that the period 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. (3) In this section, "assessment year" shall have the sam ..... X X X X Extracts X X X X X X X X Extracts X X X X
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