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2014 (2) TMI 1029 - ITAT AHMEDABADPenalty u/s. 271(1)(c) of the Act - Disallowance of technical know-how expenditure U/s. 35AB of the Act – Held that:- A case for levy of penalty for concealment of income has to be evaluated in terms of provisions of Explanation. 1 to Section. 271(1)(c) - Penalty proceedings are different from assessment proceedings and the findings given in the assessment though it may constitute good evidence but same is not conclusive in the penalty proceedings - merely because additions have been confirmed in appeal it cannot be the sole ground for coming to the conclusion that the assessee had concealed any income - in the absence of complete and convincing corroborative evidence, the Revenue may justify addition, but in the matter of penalty proceedings, the onus lies heavily on the Revenue to prove that the assessee had concealed its income or has filed inaccurate particulars of its income – Relying upon Reliance Petroproducts 2010 (3) TMI 80 - SUPREME COURT] – thus, no penalty is leviable u/s 271(1)(c) – Decided in favour of Assessee.
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