https://www.taxtmi.com/caselaws?id=766533 The Tribunal partially allowed the Assessee's appeal, reducing the penalty under Section 272A(1)(d) from Rs. 30,000 to Rs. 10,000. The Tribunal emphasized that penalties should serve as a deterrent rather than a revenue source, aligning with the precedent set in a similar case. The Tribunal advised the Assessing Officer to pursue best judgment assessments under Section 144 instead of imposing multiple penalties under Section 272A(1)(d). The decision reflects the Tribunal's focus on fairness and adherence to established legal principles. en-us Tue, 25 Feb 2025 00:00:00 +0530 Thu, 27 Feb 2025 08:14:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766533 The Tribunal partially allowed the Assessee's appeal, reducing the penalty under Section 272A(1)(d) from Rs. 30,000 to Rs. 10,000. The Tribunal emphasized that penalties should serve as a deterrent rather than a revenue source, aligning with the precedent set in a similar case. The Tribunal advised the Assessing Officer to pursue best judgment assessments under Section 144 instead of imposing multiple penalties under Section 272A(1)(d). The decision reflects the Tribunal's focus on fairness and adherence to established legal principles. Case-Laws Income Tax Tue, 25 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766533