No Penalty for addition due to mere non submission of supportings

There is hardly any dispute about the settled law that quantum and penalty proceedings are altogether different and each and every disallowance/addition made in the course of former proceedings does not ipso facto attract the latter penal action as per hon’ble apex decision in CIT vs. Reliance Petroproducts Pvt. Ltd. 322 ITR 158 (SC). Viewed from the said contour of settled law, it is apparent from the facts of the instant case that so far as assessee’s former two claims of bad debts written off and foreign travel expenditure (supra) are concerned, there is hardly any issue that th...