9911796707
TMI Blog2002 (4) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... he High Court of Madras in Criminal Revision O. P. Nos. 14209 of 1998 and 11832 of 2000, the appellants have preferred these appeals by special leave. It has been contended by learned counsel for the appellants that in view of the specific common order passed by the Settlement Commission (I. T. and W.T.), Madras, dated March 30, 1995, the criminal complaint filed against the appellants requires t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion and penalty under section 245H of the Income-tax Act which empowers the Settlement Commission to grant such immunity if any person has made a full and true disclosure of his income and the manner in which such income has been derived on such condition as it may think fit to impose, from prosecution for any offence under the Act or under the Indian Penal Code or under any other Central Act for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ENP) and claimed that ENP had appointed the applicant as its agent to buy and sell potatoes. Instead of purchasing potatoes in the open market as an agent of ENP, it contended that it traded in potatoes belonging to itself which resulted in substantial profits and corresponding losses to ENP. It was also stated that the applicant had introduced certain fictitious purchases and sales to ensure that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... immunity as stated above. Reading the aforesaid order as a whole, it is apparent that the immunity was granted from paying penalties and prosecuting in respect of the fictitious transactions with ENP on conditions as mentioned therein. Therefore, in our view, the immunity is not confined only for reassessment for the assessment year 1986-87, but it is with regard to fictitious transactions with EN ..... X X X X Extracts X X X X X X X X Extracts X X X X
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