2001 (4) TMI 58 - HC - Income Tax

Summary

The High Court of Madhya Pradesh acquitted the applicants in an Economic Offence Case related to Income-tax Act violations for the assessment year 1988-89. The penalty imposed was vacated by the Commissioner of Income-tax and the Appellate Tribunal, leading to the overturning of the conviction under sections 276C and 278B. The court set aside the judgments of the trial Magistrate and the Sessions Court, ordering the refund of any fines paid by the accused-applicants.