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2024 (11) TMI 959 - AT - Income TaxPenalty u/s 271(1) - concealed income representing quantum addition of unexplained cash credits - HELD THAT - Revenue s foregoing vehement contention and find no reason to accept the same. This is for the precise reason that the assessee had filed all the relevant details and supportive evidence which ultimately failed to evoke the assessing authority s concurrence. We quote CIT v. Reliance Petroproducts Pvt. Ltd. 2010 (3) TMI 80 - SUPREME COURT that quantum and penalty proceedings are parallel proceedings wherein each and every addition/disallowance made in the course of former does not ipso facto attract the latter penalty provision to delete the impugned penalty in very terms. Assessee s appeal is allowed.
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