https://www.taxtmi.com/caselaws?id=776763 Penalty under section 271(1)(c) cannot be sustained merely because an addition survives in quantum proceedings for unexplained cash credits. Penalty and assessment proceedings are distinct, and concealment of income or furnishing of inaccurate particulars must be independently established. Where the issue is debatable and the assessee's explanation is supported by evidence, the mere existence of a quantum addition does not justify penal consequences. The penalty was deleted in favour of the assessee. en-us Tue, 07 Jan 2025 00:00:00 +0530 Tue, 19 Aug 2025 08:38:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776763 Penalty under section 271(1)(c) cannot be sustained merely because an addition survives in quantum proceedings for unexplained cash credits. Penalty and assessment proceedings are distinct, and concealment of income or furnishing of inaccurate particulars must be independently established. Where the issue is debatable and the assessee's explanation is supported by evidence, the mere existence of a quantum addition does not justify penal consequences. The penalty was deleted in favour of the assessee. Case-Laws Income Tax Tue, 07 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776763