2020 (8) TMI 36

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..... court s landmark decision in Reliance Petroproducts case [ 2010 (3) TMI 80 - SUPREME COURT] has settled the law that quantum and penalty proceedings stand on different footing and each and every disallowance/addition in the former does not ipso facto attract the latter penal provision. Assessee has filed all the relevant supporting evidence in support of genuineness of this above-stated long .....

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..... 1)(c) of the Income Tax Act, 1961[in short the Act ]. Heard both the parties. Case file perused. 2. The assessee s sole substantive grievance canvassed in the instant lis seeks to reverse both the learned lower authorities action imposing section 271(1)(c) penalty of ₹ 1,85,764/- pertaining to alleged bogus long-term capital gain of ₹ 6,38,778/- adding during the course of asse .....

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..... e keep in mind the very distinction and notice that the assessee has filed all the relevant supporting evidence in support of genuineness of this above-stated long-term capital gains derived during the course of scrutiny. That being the case, we find that this tribunal s coordinate bench s decision in Smt. Amita Tulsiyan ITA No.1513/Hyd/2018 dated 10.05.2019 holds that such an instance neither amo .....

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