https://www.taxtmi.com/caselaws?id=10869 The High Court set aside the penalty imposed under section 271(1)(c) based on the Tribunal's findings that the assessee was entitled to immunity under Explanation 5 and that the difference in stock valuation was not indicative of undisclosed income. The Revenue did not challenge the Tribunal's decision on the penalty, and no application was made for further review. The High Court deemed the referred questions as academic and irrelevant, returning them unanswered as they would not impact the final outcome, which had been determined by the Tribunal's decision on the merits. en-us Fri, 01 Aug 2003 00:00:00 +0530 Mon, 27 Jul 2009 09:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10869 The High Court set aside the penalty imposed under section 271(1)(c) based on the Tribunal's findings that the assessee was entitled to immunity under Explanation 5 and that the difference in stock valuation was not indicative of undisclosed income. The Revenue did not challenge the Tribunal's decision on the penalty, and no application was made for further review. The High Court deemed the referred questions as academic and irrelevant, returning them unanswered as they would not impact the final outcome, which had been determined by the Tribunal's decision on the merits. Case-Laws Income Tax Fri, 01 Aug 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10869