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2015 (9) TMI 285 - ITAT AHMEDABADPenalty under section 271(1)(c) - addition u/s. 69A - Held that:- The hon’ble apex court in Reliance Petro-products case (2010 (3) TMI 80 - SUPREME COURT) holds that quantum and penalty proceedings stand on different footings. And each and every disallowance/addition does not lead to automatic imposition of section 271(1)(c) penalty. We notice that first of all, the authorities’ below do not produce any material much less a corroborating one to support the impugned addition of ₹ 20 lacs except that of survey statement. The co-ordinate bench in quantum case proceeds on an assumption of absence of a banking channel and non-production of the balance sum of ₹ 4 lacs in survey. The assessee’s duly audited books are already on record. No case of diversion or above-stated withdrawn sum is being made out in the course of arguments. Case file demonstrate the very shroff to be an unsecured loan creditor for ₹ 27,19,423/- forming part of balance sheet. We infer in these facts that although assessee’s plea was declined in quantum, the same is a reasonable explanation in the instant penalty proceedings for want of any further evidence to the contrary. We conclude in these facts that the assessee has successfully explained source of the robbed sum of ₹ 20 lacs to his bank withdrawal of ₹ 24 lacs. His arguments are accordingly accepted. The impugned penalty is deleted. - Decided in favour of assessee.
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