https://www.taxtmi.com/caselaws?id=431272 The ITAT partially allowed the Assessee's appeal, reducing the penalty imposed under section 271(1)(b) of the Income Tax Act, 1961 from Rs. 20,000 to Rs. 10,000. The ITAT emphasized that penalties should be limited to the first default and not imposed for each instance of non-compliance with notices. This decision was based on the principle that penalty provisions serve as a deterrent and not for continuous revenue generation, highlighting the need to consider the circumstances of non-compliance before imposing penalties. en-us Wed, 23 Nov 2022 00:00:00 +0530 Fri, 09 Dec 2022 10:01:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431272 The ITAT partially allowed the Assessee's appeal, reducing the penalty imposed under section 271(1)(b) of the Income Tax Act, 1961 from Rs. 20,000 to Rs. 10,000. The ITAT emphasized that penalties should be limited to the first default and not imposed for each instance of non-compliance with notices. This decision was based on the principle that penalty provisions serve as a deterrent and not for continuous revenue generation, highlighting the need to consider the circumstances of non-compliance before imposing penalties. Case-Laws Income Tax Wed, 23 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431272