Penalty under section 271(1)(c) not exigible where loan was banked, confirmed, and no concealment was shown.

Penalty under section 271(1)(c) was held not exigible where the Tribunal found that the loan was received through bank drafts, routed through banking channels, reflected in the bank accounts, and confirmed by the lender. Those factual findings, based on the record, did not support concealment or furnishing of inaccurate particulars for the relevant assessment year. The non-challenge of a quantum addition for a different assessment year did not by itself establish penalty liability for the year in question, and no perversity in the Tribunal's appreciation of evidence was shown; the deletion of penalty was upheld.

---

---

Issues: Whether penalty under section 271(1)(c) of the Income-tax Act, 1961 was rightly deleted on the facts found by the Tribunal.

Analysis: The Tribunal's finding was that the alleged loan was received through bank drafts, encashed through proper banking channels, reflected in the bank accounts, and duly confirmed by the lender. These findings were based on the material on record and related to the assessment year in which the loan was received. The mere non-challenge of the quantum addition for a different assessment year did not establish concealment or furnishing of inaccurate particulars for the year in question. No perversity was shown in the Tribunal's appreciation of the evidence.

Conclusion: Penalty under section 271(1)(c) was not exigible, and the deletion of penalty was upheld.

---