Penalty Deleted

The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that penalty under Section 271(1)(c) of the Income-tax Act cannot be sustained merely because the quantum addition has been confirmed. 

Where the underlying issue is highly debatable and divergent judicial views prevailed at the relevant point in time, failure to offer income to tax cannot automatically be equated with concealment of income or furnishing of inaccurate particulars.