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The above applies to situations where an assessee has failed to file a return of income as required under Section 139(1) of the Income Tax Act. The proviso to Section 276CC gives some relief to genuine assessees. The proviso in clause (ii) of b to Section 276CC provides that if the tax payable determined by regular assessment has reduced by advance tax paid and tax deducted at source does not exceed Rs.3,000/-, such an assessee shall not be prosecuted for not furnishing the return under Section 139(1) of the Income Tax Act. Therefore, this proviso takes care of genuine assessees who either file the returns belatedly but within the end of the assessment year or those who have paid substantial amounts of their tax dues by prepaid taxes from the rigor of the prosecution under Section 276CC of the Income Tax Act. Admittedly, the petitioner had paid taxes under the Heads of Advance Tax, TDS, TCS, Self Assessment Tax to the tune of Rs.23,75,066/-. According to his returns, the total tax and interest payable by him is Rs.23,74,610/-. Therefore, he claimed refund of Rs.460/- and the proviso (ii) b of Section 276CC comes for rescue of the petitioner from the rigor of the prosecution under Section 276CC of the Income Tax Act. 8. Therefore, the initiation of prosecution for the offence punishable under Section 276CC of the Income Tax Act cannot be sustained as against the petitioner and it is liable to be quashed. Accordingly, the entire proceedings in EOCC.No.168 of 2016 on the file of the learned Additional Chief Metropolitan Magistrate, (E.O-II) Egmore, Chennai is quashed and this criminal original petition is allowed. Consequently, connected miscellaneous petitions are closed. 17.11.2023 Index :Yes/No Internet : Yes/No Speaking order/non-speaking order lok To 1.The learned Additional Chief Metropolitan Magistrate, (E.O-II) Egmore, Chennai 2.The Deputy Commissioner of Income Tax, Non-Corporate Circle – 20(1), 121, Mahatma Gandhi Road, Nungambakkam, Chennai 600 034 3.The Public Prosecutor, High Court of Madras G.K.ILANTHIRAIYAN, J. lok CRL.O.P.No.26013 of 2021 17.11.2023
by Sekar Reporter · Published November 26, 2023
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The bench comprising Justices TS Sivagnanam and V Bhavani Subbaroyan observed the manner in which the transfer was effected and ultimately the investment landing in a tax haven will clearly show that it is a sham transaction devised to avoid tax in India. The court said: “Thus, the asset owned by the
by Sekar Reporter · Published December 15, 2020
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CHANDRU LAW ACADEMY* inviting you to *online* *coaching* for *JUDICIAL EXAMINATION/MAGISTRATE/APP*
by Sekar Reporter · Published November 27, 2020