2024 (12) TMI 1219 - SCH - Income Tax

Offence punishable u/s 276CC - mens rea of the petitioner - rebuttal of presumption u/s 278E - non filing of the income tax return for the assessment year 2012-2013 - Appellant submitted that the revised income tax return was filed belatedly as the concerned records were seized in pursuance to the seizure - respondent submitted that in view of the non-compliance of the mandate in not filing the revised income tax return within time, the criminal proceedings have been initiated against the appellant. HELD THAT - We are of the view that continuing the criminal proceedings would be unnecessary. We are dealing with a case where the appellant did in fact file the revised income tax return, and penalty proceedings which were initiated against the appellant itself have been dropped. As a consequence, refund was also ordered. We are further supported by the reasoning given in the decision of this Court in Guru Nanak Enterprises and Ors Vs. ITO 2004 (11) TMI 15 - SUPREME COURT Thus, considering the facts of the case in its totality, we are inclined to set aside the impugned order. The impugned order stands set aside. Consequently, the criminal proceedings initiated under Section 276CC against the appellant stands quashed.

Summary

The Supreme Court allowed the appeal in a case involving Section 276CC of the Income Tax Act, 1961. The appellant filed a revised income tax return belatedly due to seized records, leading to dropped penalty proceedings and a refund. The Court quashed the criminal proceedings, citing a previous decision and set aside the impugned order.