https://www.taxtmi.com/caselaws?id=261733 The High Court allowed the appeal, setting aside the orders of the ITAT and the CIT (Appeals) and dismissing the penalty imposition. The Court held that the appellant was entitled to set off undisclosed stocks against losses under Section 71 of the Income-tax Act, ruling that the undisclosed stock did not fall under Section 69(C) but rather under the proviso of Section 69(B). The judgment emphasized the importance of full disclosure in accounting and clarified the applicability of relevant provisions in determining tax liability. en-us Tue, 14 Jul 2015 00:00:00 +0530 Sat, 07 Nov 2015 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261733 The High Court allowed the appeal, setting aside the orders of the ITAT and the CIT (Appeals) and dismissing the penalty imposition. The Court held that the appellant was entitled to set off undisclosed stocks against losses under Section 71 of the Income-tax Act, ruling that the undisclosed stock did not fall under Section 69(C) but rather under the proviso of Section 69(B). The judgment emphasized the importance of full disclosure in accounting and clarified the applicability of relevant provisions in determining tax liability. Case-Laws Income Tax Tue, 14 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261733