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2016 (4) TMI 220 - KARNATAKA HIGH COURT

2016 (4) TMI 220 - KARNATAKA HIGH COURT - TMI - Offenses 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 b .....

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t. - Criminal Petition No. 5714/2015 - Dated:- 22-3-2016 - Pradeep D. Waingankar, J. For the Petitioner : Sri A H Bhagavan, Adv For the Respondents : Sri Jeevan Neelargi, Adv ORDER Petitioner who is the accused in C.C.No.339/2014 on the file of the Special Court (Economic Offences), Bangalore has filed this petition to quash the proceedings initiated against him. 2. The Assistant Commissioner of Income Tax presented a private complaint before the Special Court against the petitioner for the offe .....

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on 13.12.2011 declaring total income as ₹ 4,03,00,431/- and claimed refund of ₹ 4,08,421/-. The income shown by the petitioner consisted of income from salary, house property, business, short term capital gains and income from other sources. The Assessing Officer received letter from Director of Income Tax (Intelligence) that the petitioner had made fixed deposit of ₹ 9,62,00,000/- on 29.03.2010 and 27.03.2010 in Tumkur Grain Merchant Co- Operative Bank Limited in its branches .....

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of the said information, the returns of income filed by the petitioner were examined by the Assessing Officer and it was confirmed that the petitioner had willfully did not disclose the fixed deposit of ₹ 9.62 Crores and the income earned on it by way of interest. As such, a notice under Section 148 of the Income Tax Act came to be issued to the petitioner for reopening the assessment under Section 147. He was also issued with summons under Section 131 of the Income Tax Act. The petitione .....

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ention to evade tax. He falsely verified the return of income containing inaccurate particulars of his income though he was fully conscious and aware of fixed deposit of ₹ 9.62 Crores and thereby the petitioner committed offences punishable under Sections 276C(1) and 277 of the Income Tax Act. The learned Magistrate took cognizance and issued process to the petitioner, petitioner appeared before the Magistrate. The complainant was examined as PW.1 in part. When the case was posted for furt .....

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w about the mistake committed by him, he filed revised income tax return by showing the fixed deposits of ₹ 9.62 Crores and interest earned from the fixed deposit and paid the tax, thus he has not committed any offence muchless the offences under Sections 276C(1) and 277 of the Income Tax Act. The learned counsel would also submit that there is a provision in the Income Tax Act which provides for compounding of the offences. Since the petitioner filed revised income tax returns by disclosi .....

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ee financial years. The income which he did not disclose is double than the income which he disclosed in his income tax returns. That itself speaks volume about the culpable mental state of the petitioner. Further, it is submitted that the petitioner made deposits in his name by showing three different names in the branches of Tumkur Grain Merchant Co-Operative Bank Limited at Bangalore by showing his name in one fixed deposit as Vishwas, in another fixed deposit Vishwas U. Lad and in yet anothe .....

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not applicable to the facts of the case. Hence, the learned counsel sought for dismissal of the petition. 6. It is stated that the petitioner is a partner in various firms, he is also a shareholder in various companies. Therefore, as rightly submitted by the learned Standing counsel for the Income Tax Department, it is impossible to accept that the petitioner was not aware of fixed deposit of ₹ 9.62 Crores made by him in various branches of Tumkur Grain Merchant Co-Operative Bank Limited .....

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e had no knowledge about the fixed deposits of ₹ 9 crores and odd for filing returns three years. He cannot plead ignorance about ₹ 9 crores deposited in fixed deposits. Though he claims that immediately after coming to know about the mistake he filed revised returns disclosing the fixed deposits and interest earned and paid the income tax, he did so only after the department detected the concealment. In fact, he was informed of the concealment of fixed deposits by issuance of notice .....

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