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2018 (12) TMI 413 - HC - Income TaxStay of demand - Held that:- Short term and long term capital gains are supported by the documentary evidence and that the transactions relating two shares are routed through the registered stock broker and through the concerned stock exchange and each and every financial transactions are through bank and it is submitted that without evidence of the falsification of the records or evidence of a false statement by the petitioner, there is no scope for any prosecution of the petitioner under Section 277 of the Income Tax Act, 1961. In terms of order dated 22.06.2018, the photocopy has been received and the same has been perused by this Court. Considering the nature of complaint and the stand taken by the petitioner herein, this Court having seen that since notice was issued on 26.03.2018 and more than 5 months have been passed, this Court is inclined to stay being proceedings of pending before the learned Court of the Chief Judicial Magistrate, Kamrup(M), Guwahati-cum- Judicial Magistrate, First Class, Kamrup(M), Guwahati till the next returnable date.
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