https://www.taxtmi.com/caselaws?id=56793 The Appellate Tribunal ruled in favor of the assessee, overturning the penalty imposed under section 273(b) of the IT Act, 1961. The Tribunal held that since the penalty proceedings were initiated against a registered firm, imposing a penalty on the association of persons was not valid. The judgment emphasized the significance of previous decisions and allowed the appeal, citing precedents and lack of a formal show cause notice as key factors in the decision. en-us Thu, 26 Dec 1985 00:00:00 +0530 Mon, 06 Dec 2010 17:17:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56793 The Appellate Tribunal ruled in favor of the assessee, overturning the penalty imposed under section 273(b) of the IT Act, 1961. The Tribunal held that since the penalty proceedings were initiated against a registered firm, imposing a penalty on the association of persons was not valid. The judgment emphasized the significance of previous decisions and allowed the appeal, citing precedents and lack of a formal show cause notice as key factors in the decision. Case-Laws Income Tax Thu, 26 Dec 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56793