Can penalty u/s. 271(1)(c) be imposed in a case where assessee has raised a debatable issue?

CIT Vs. Indersons Leather P. Ltd. (P&H HC)-  The assessee company, after discontinuing its manufacturing business, leased out its shed along with fittings and disclosed the income as income from business, whereas the Revenue contended that the same be assessed as “Income from house property. The issue under consideration is whether penalty under section 271(1)(c) can be imposed in such a case. On this issue, the High Court observed that, mere raising of a debatable issue would not amount to concealment of income or furnishing ina

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