2024 (11) TMI 959

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..... o 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 t .....

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..... he able assistance coming from the Revenue side that both the learned lower authorities have levied section 271(1)(c) penalty of Rs. 9,52,493/- pertaining to alleged concealed income of Rs. 30,82,500/- representing quantum addition of unexplained cash credits. 3. Learned DR invited my attention to the Assessing Officer s assessment order dated 1.12.2015 that the assessee could not prove genuinenes .....

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