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2003 (9) TMI 7 - RAJASTHAN HIGH COURTPenalty - "Whether, the statutory provisions of section 271(1)(c) as existing during the relevant year were correctly applied by the Tribunal in arriving at the findings and upholding the penalty in relation to trade advances of Rs. 3,20,000 received from various traders, against supply of goods and in pursuance of which goods were duly supplied to them?" appellant has not produced any evidence to establish these credits as genuine. It is the case of the assessee that confirmation of these deposits is produced but GIR or PAN are not given nor anybody has been examined nor an affidavit has been filed – further contention of assessee relying on the provisions of sub-section (4A) of section 132, is not acceptable as after going through the provisions of section 132(4A), we find that it is a rule of evidence with regard to the entries in the account books which will not relieve of the assessee to prove the genuineness of the transactions, i.e., of the cash receipts in this case.- assessee’s appeal is dismissed
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