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<h1>Condonation of 271-day delay granted, but petition dismissed; similar cases previously dismissed. Legal question remains open.</h1> SC allowed the condonation of a 271-day delay in filing the petition but dismissed the current petition(s) due to similar special leave petitions being ... Prosecution Proceedings initiated u/s 276C - Bogus LTCG - guilty mind i.e., mens rea - willful evasion of tax on claims made under the head LTCG/Short Term Capital Loss - allegation of crime invoking Section 200 of the CrPC for offence punishable under Section 276C - HC held [2024 (1) TMI 1007 - KARNATAKA HIGH COURT] stocks vary from JMD Telefilm Industries, Splash Media, Essar India and Alpha. Trading is both by the individuals and by the companies. But, the moment it is brought to the notice of all these petitioners, retracing of steps immediately happen by filing of revised returns. Therefore, it is not a case where ipso facto evasion of tax can be laid against these petitioners - mens rea is an element that is to be present in a proceeding u/s 271 of the Act. The mere fact of not accurate tax, not exact tax or erroneous tax would not lead to the proceedings u/s 276 An offence is made out so as to take Cognisance more so on account of the fact that it is on taking Cognisance that the criminal law is set in motion insofar as accused is concerned and there may be several cases and instances where if the Court taking Cognisance were to apply its mind, the Complaint may not even be considered by the said Court taking Cognisance let alone taking Cognisance and issuance of Summons. Thus the order taking Cognisance is not in compliance with applicable law and therefore is set aside. HELD THAT:- The delay of 271 days in filing the present petition(s) is adequately explained and is condoned. Accordingly, I.A. is allowed. Heard learned counsel for the petitioner. Since the similar special leave petitions have already been dismissed by this Court, we dismiss the present petition(s) as well leaving the question of law open to be decided in some other appropriate case. The Supreme Court, in a judgment by Hon'ble Mr. Justice Pankaj Mithal and Hon'ble Mr. Justice S.V.N. Bhatti, allowed the condonation of a 271-day delay in filing the petition. The Court dismissed the present petition(s) as similar special leave petitions had been previously dismissed, leaving the legal question open for future consideration in an appropriate case. Any pending applications were disposed of accordingly.
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