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2016 (4) TMI 220 - HC - Income TaxOffenses punishable under Sections 276C(1) and 277 of Income Tax Act 1961 - non-disclosure of fixed deposits - Held that:- In this case there is non-disclosure of fixed deposits of ₹ 9.62 crores and the interest earned on it for three consecutive financial years. It is only when the authorities came to know about the concealment and the authorities issued notice the petitioner filed revised returns and paid the tax. Had it not been detected by the income tax authorities, the said income would not have come to limelight. Be that as it may, the Magistrate has taken cognizance for the offences under Sections 276C(1) and 277 of the Income Tax Act, 1961. The petitioner appeared before the Magistrate, the evidence has commenced. If at all the petitioner has to establish his innocence during the course of the trial. Therefore, it cannot be said that the continuation of the proceedings would amount to abuse of process of the Court.
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