https://www.taxtmi.com/caselaws?id=469691 Penalty under section 271(1)(c) is not automatic merely because an addition for interest income is sustained. Where the assessee's explanation is found plausible and nothing shows it to be false or incorrect, the issue of taxability remains distinct from concealment or furnishing of inaccurate particulars. The mere failure on the taxability question does not by itself establish the basis for penalty. On that reasoning, penalty under section 271(1)(c) was held not warranted. en-us Mon, 11 Jun 2018 00:00:00 +0530 Mon, 29 Jun 2026 17:11:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469691 Penalty under section 271(1)(c) is not automatic merely because an addition for interest income is sustained. Where the assessee's explanation is found plausible and nothing shows it to be false or incorrect, the issue of taxability remains distinct from concealment or furnishing of inaccurate particulars. The mere failure on the taxability question does not by itself establish the basis for penalty. On that reasoning, penalty under section 271(1)(c) was held not warranted. Case-Laws Income Tax Mon, 11 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469691