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well if the file doesn't exist return code of grep will non 0 and so it will if file exists but your pattern doesn't exist in file. Meaning the return code of grep -iqw P_BUS_DATE...

grep -iqw P_BUS_DATE $COMMON_TMP/DateFile.txt 2>/dev/null
if [ $? -eq 0 ];then
BUS_DATE=`grep -i P_BUS_DATE | cut -d = -f 2`
else
BUS_DATE= `date "+%Y%m%d"`
fi