https://www.taxtmi.com/caselaws?id=445502 The Tribunal held that penalty proceedings under sec. 271(1)(c) of the Income Tax Act, 1961, cannot be initiated against an assessee's legal representatives after the assessee's demise. The Tribunal rejected the Revenue's argument that legal representatives are liable for such penalties under sec. 159 of the Act. Citing precedent, the Tribunal ruled in favor of the assessee, setting aside the penalty amount of Rs. 24,07,354/-. Consequently, the appeal was allowed, and all other arguments were deemed academic. The decision was announced on 03.11.2023. en-us Fri, 03 Nov 2023 00:00:00 +0530 Wed, 08 Nov 2023 17:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445502 The Tribunal held that penalty proceedings under sec. 271(1)(c) of the Income Tax Act, 1961, cannot be initiated against an assessee's legal representatives after the assessee's demise. The Tribunal rejected the Revenue's argument that legal representatives are liable for such penalties under sec. 159 of the Act. Citing precedent, the Tribunal ruled in favor of the assessee, setting aside the penalty amount of Rs. 24,07,354/-. Consequently, the appeal was allowed, and all other arguments were deemed academic. The decision was announced on 03.11.2023. Case-Laws Income Tax Fri, 03 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445502