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2002 (12) TMI 67 - HC - Income Taxoffence under section 276C - Considering the submission of learned counsel and on a perusal of the record as also the decision of this court in the case of Sureshchand Gupta, I find that in the instant case also the Income-tax Appellate Tribunal has set aside the order of penalty holding that the case of deliberate concealment of the income is not made out. In view of the aforesaid finding of the Tribunal, the very foundation of the prosecution of the respondent accused, stands demolished.In the result, the two appeals filed on behalf of the appellant, deserve the fate of dismissal and they are accordingly dismissed
Issues:
Appeal against acquittal under section 276C of the Income-tax Act, 1961. Analysis: The judgment deals with two appeals filed by the Union of India against the acquittal of the accused-respondent under section 276C of the Income-tax Act, 1961. The respondent had initially filed returns for the assessment years 1985-86 and 1986-87, but later, after a notice was issued for not disclosing rental income, filed additional returns offering to pay tax on the rental income. The Assessing Officer imposed penalties and initiated prosecution under section 276C of the Act. However, the Income-tax Appellate Tribunal set aside the penalties, leading to the dismissal of the prosecution. The court evaluated the evidence and acquitted the accused-respondent of the offence under section 276C. The appellant challenged the acquittal by filing two appeals under section 378 of the Criminal Procedure Code. The court granted leave to appeal, and the case was heard. The respondent relied on previous court decisions to argue that the matter was resolved based on precedents. The court considered the submissions and noted that the Tribunal had already set aside the penalties, indicating a lack of deliberate concealment of income by the respondent. As a result, the foundation for the prosecution was deemed demolished. In conclusion, the court dismissed both appeals filed by the appellant, upholding the acquittal of the accused-respondent. The bail bonds of the accused-respondent were cancelled, and the judgment was to be placed on record for the connected criminal case.
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