https://www.taxtmi.com/caselaws?id=441944 The Appellate Tribunal partially allowed the Assessee's appeal, 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 held that the penalty should be limited to the first instance of non-compliance with notices under section 142(1) as a deterrent measure, following a precedent set by the Delhi Tribunal. This decision emphasized the punitive nature of the penalty provision rather than its revenue-generating purpose. en-us Fri, 18 Aug 2023 00:00:00 +0530 Sat, 19 Aug 2023 13:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441944 The Appellate Tribunal partially allowed the Assessee's appeal, 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 held that the penalty should be limited to the first instance of non-compliance with notices under section 142(1) as a deterrent measure, following a precedent set by the Delhi Tribunal. This decision emphasized the punitive nature of the penalty provision rather than its revenue-generating purpose. Case-Laws Income Tax Fri, 18 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441944