9911796707
TMI Blog2024 (1) TMI 160X X X X Extracts X X X X X X X X Extracts X X X X ..... TDS made by the bank. HELD THAT:- The petitioner is now aged about 77 years. Admittedly, he is a Non Resident Indian. He is maintaining an account with his banker in India. The penalty was deleted by the CIT(A) since the intention to conceal income by furnishing inaccurate particulars is not established. Therefore, the assessment officer was directed to delete the penalty imposed on the petitioner. Therefore, once the penalty on the petitioner was deleted, the prosecution initiated by the respondent cannot be sustained. Further, it is true that already the petitioner filed a petition to quash the impugned proceedings and the same was dismissed by this Court [ 2020 (11) TMI 228 - MADRAS HIGH COURT] order dated 28.10.2020. However i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed for financial year 2007-08 relevant to the assessment year 2008-09. Further, the petitioner entered into 165 share transactions to the tune of Rs. 155.20 crores and short term capital gain arose from the said transactions is Rs. 52.13 crores. Though the tax has been deducted, it was not fully deducted and the petitioner did not disclose in his return of income under the head Capital Gain and paid the tax. Thus, the petitioner failed to show the same in his return of income and attempted to evade payment of tax. Only after deduction by the income tax department, the petitioner had share transactions during the relevant financial year and accepted the same. Therefore, the petitioner committed the offence punishable under Section 276C(1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned counsel for the respondent filed counter and submitted that this Court considered all the grounds raised by the petitioner and dismissed the earlier quash petition in Crl.OP.No.3891 of 2020 by a detailed order dated 28.10.2020. Therefore, the present quash petition is nothing but abuse of process of court and it cannot be entertained. In support of her contention, she relied upon the order of the Hon'ble Supreme Court of India in the case of Bhisham Lal Verma Vs. State of Uttar Pradesh and another rendered in SLP(Crl.) No.7976 of 2023, wherein it is held as follows: 11. We are in complete agreement with these observations of the Madras High Court. Though it is clear that there can be no blanket rule that a second petition u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . On perusal of the details available with the Department, it was found that the assessee had made share transaction amounting to Rs. 155,20,22,411/- during the financial year 2007-2008 relating to assessment year 2008-2009. However, the petitioner did not disclose any capital gains on sale of shares in the return of income filed for the assessment year 2008-2009. Therefore, the case was re-opened under Section 147 of Income Tax Act as the income chargeable to tax has escaped assessment. The assessment was completed under Section 143 of Income Tax Act and determined tax at Rs. 52,10,61,977/- and made demand to the tune of Rs. 4,79,08,790/-. By an order dated 31.03.2016 under Section 154, STCG has been re-worked and made revised demand at Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... blished. Therefore, the assessment officer was directed to delete the penalty imposed on the petitioner. Therefore, once the penalty on the petitioner was deleted, the prosecution initiated by the respondent cannot be sustained. 9. Further, it is true that already the petitioner filed a petition to quash the impugned proceedings and the same was dismissed by this Court in Crl.OP.No.3891 of 2020 by an order dated 28.10.2020. However in the case on hand, in view of the subsequent development by the appellate order passed by the Commissioner of Income Tax, this Court is inclined to entertain this petition. Considering the subsequent development, in order to meet the ends of justice, the continuation of prosecution cannot be possible and it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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