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2019 (1) TMI 396 - AT - Income TaxPenalty u/s 271(1)(c) - assessee had claimed bad debts deduction which stood disallowed in quantum proceedings being in the nature of an “NPA” provision only - Held that:- We make it clear first of all that hon'ble apex court’s landmark decision in CIT vs. Reliance Petroproducts Pvt Ltd. (2010 (3) TMI 80 - SUPREME COURT) held long back that quantum and penalty proceedings are parallel in nature wherein each and every disallowance / addition made in the course of the former does not automatically invite the latter penal provision. We keep in mind the said fine distinction to revert back the facts in the instant case. The assessee had claimed bad debts deduction which stood disallowed in quantum proceedings being in the nature of an “NPA” provision only. It therefore appears a case of pure disallowance simplicitor on account of failure in fulfilling the mandatory condition and not an instance of concealment or furnishing of inaccurate particulars of income. The CIT(A) has taken into consideration all the relevant facts and circumstance to conclude that assessee’s impugned claim does not attract either of the two limbs u/s 271(1)(c). - decided against revenue.
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