https://www.taxtmi.com/caselaws?id=391204 Penalty under section 271(1)(c) was held unsustainable where the assessee did not initially offer interest income in the return but explained that, under the cooperative society framework and regulatory directions, the income was recognised on receipt basis. The explanation was found bona fide, not false, and the amount was disclosed during assessment. As the dispute reflected only a timing difference in income recognition under section 145 rather than concealment or furnishing of inaccurate particulars, the penalty was directed to be deleted, while the underlying addition remained relevant for tax computation. en-us Fri, 17 Jan 2020 00:00:00 +0530 Wed, 22 Jan 2020 08:35:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391204 Penalty under section 271(1)(c) was held unsustainable where the assessee did not initially offer interest income in the return but explained that, under the cooperative society framework and regulatory directions, the income was recognised on receipt basis. The explanation was found bona fide, not false, and the amount was disclosed during assessment. As the dispute reflected only a timing difference in income recognition under section 145 rather than concealment or furnishing of inaccurate particulars, the penalty was directed to be deleted, while the underlying addition remained relevant for tax computation. Case-Laws Income Tax Fri, 17 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391204