https://www.taxtmi.com/caselaws?id=191372 The Appellate Tribunal ITAT Delhi partially allowed the appeal by the assessee, reducing the penalty imposed under Section 271(1)(b) of the Income-tax Act, 1961 from Rs. 50,000 to Rs. 10,000. The Tribunal emphasized that penalties should serve as deterrence, not revenue generation, and restricted the penalty to the first default of non-compliance with the notice under Section 143(2), rather than imposing penalties for each non-compliance instance. This decision underscored the importance of aligning penalty imposition with legislative intent to prevent multiple penalties for the same offense. en-us Wed, 06 May 2015 00:00:00 +0530 Sat, 01 Apr 2017 10:10:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191372 The Appellate Tribunal ITAT Delhi partially allowed the appeal by the assessee, reducing the penalty imposed under Section 271(1)(b) of the Income-tax Act, 1961 from Rs. 50,000 to Rs. 10,000. The Tribunal emphasized that penalties should serve as deterrence, not revenue generation, and restricted the penalty to the first default of non-compliance with the notice under Section 143(2), rather than imposing penalties for each non-compliance instance. This decision underscored the importance of aligning penalty imposition with legislative intent to prevent multiple penalties for the same offense. Case-Laws Income Tax Wed, 06 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191372