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2015 (4) TMI 617 - AT - Income TaxPenalty u/s 158BFA - Search conducted u/s 132 - unexplained cash receipts - Held that:- mere fact that an addition has been confirmed in the Tribunal per se cannot be a ground for imposing or sustaining penalty u/s 158BFA. Since the assessment and penalty proceedings are different and independent of each other, it is open to the assessee to make out a case that even if addition has been confirmed in quantum proceedings, but it cannot be a good reason to impose penalty. - Admittedly Awin Exim Co. offered ₹ 15 lakh, which did not co-relate to any incriminating material and that assessee owed page no.2 of Annexure-A4 by claiming to be pertaiing to it. It is a strong reason to conclude that no penalty should be imposed in the hands of the assessee because the amount has already been offered and assessed in the hands of the sister concern. - CIT(A) was fully justified in ordering the deletion of penalty u/s 158BFA(2). - Decided against Revenue.
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