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2024 (1) TMI 160 - HC - Income TaxOffence u/s 276C(1) - as in the bank account maintained by the petitioner, there was unusual credit of large amount through RTGS and funds were debited for investment in the stock market - CIT(A) while deleting the penalty held that, The Commissioner of Income Tax, Appeal held in the appeal No.16/10060/2019-20, the petitioner was under bonafide belief that there was no tax liability to be discharged by him on account of his residential status as NRE accounts and the TDS made by the bank. HELD THAT:- The petitioner is now aged about 77 years. Admittedly, he is a Non Resident Indian. He is maintaining an account with his banker in India. The penalty was deleted by the CIT(A) since the intention to conceal income by furnishing inaccurate particulars is not established. Therefore, the assessment officer was directed to delete the penalty imposed on the petitioner. Therefore, once the penalty on the petitioner was deleted, the prosecution initiated by the respondent cannot be sustained. Further, it is true that already the petitioner filed a petition to quash the impugned proceedings and the same was dismissed by this Court [2020 (11) TMI 228 - MADRAS HIGH COURT] order dated 28.10.2020. However in the case on hand, in view of the subsequent development by the appellate order passed by the Commissioner of Income Tax, this Court is inclined to entertain this petition. Considering the subsequent development, in order to meet the ends of justice, the continuation of prosecution cannot be possible and it is liable to be quashed.
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