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2017 (8) TMI 33 - HC - Income TaxCase under Sections 276-C and 277 read with Section 278-B of the Income Tax Act - Held that:- The penalty in the form of income tax was imposed upon the petitioners was set-aside by the Income Tax Appellant Tribunal by its order dated 29.09.2006 and the tax paid in excess was also refunded to the petitioners. Thus the criminal liability of the petitioners does not survives. Hence the prosecution of the petitioners company could not be permitted and it would be nothing but sheer waste of time and money of the court and the petitioners. In the facts and circumstances mentioned here in above the petition is liable to be allowed.
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