The Tax Publishers2020 TaxPub(DT) 4717 (Mad-HC) : (2021) 277 TAXMAN 0549

IN THE MADRAS HIGH COURT

G.K. ILANTHIRAIYAN, J.

Rohit Kumar Nemchand Piparia v. Dy. DIT

Crl. O.P. No. 3891 of 2020 and Crl. M.P. Nos. 2232 & 2233 of 2020

28 October, 2020

Petitioner by: P. Kumar, Senior Counsel for P. Meghana Nair

Respondent by: M. Sheela Special Public Prosecutor for IT Cases

ORDER

This petition has been filed to quash the proceedings in E.O.C.C. No. 401 of 2018 on the file of the Court of the Additional Chief Metropolitan Magistrate, Economic Offences-II, Egmore, Chennai, thereby taken cognizance for the offence under section 276C(1) of the Income Tax Act, 1961, as against the petitioner.

2. Mr. P. Kumar, learned Senior Counsel appearing for the petitioner would submit that the respondent lodged complaint for the offence under section 276C(1) of the Income Tax Act, 1961, alleging that during the course of the enquiry by the investigation wing it was noticed that in the bank account maintained by the petitioner, there was unusual credit of large amount through RTGS and funds were debited for investment in the stock market. The petitioner had entered into 165 share transaction during the financial year 2007-08 and filed his return of income for the assessment year 2008-09 on 5-2-2009 declared taxable income of Rs. 3,10,226. However, the petitioner has not disclosed any capital gain in the return of income filed for financial year 2007-08 relevant to the assessment year 2008-09.

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