https://www.taxtmi.com/caselaws?id=17882 Omission of penal provisions without a saving clause barred prosecution under the deleted sections, so criminal proceedings based on sections 276DD and 276E of the Income-tax Act could not be sustained. The court also found that the inter-firm transactions were genuine accounting adjustments made for temporary business needs, not loans or deposits attracting the alleged statutory mischief, and the petitioners, including the partners, could not be proceeded against on that basis. The criminal notices, summons and prosecution cases were therefore quashed and not permitted to continue against the petitioners. en-us Mon, 28 Aug 1995 00:00:00 +0530 Fri, 25 Sep 2009 13:37:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17882 Omission of penal provisions without a saving clause barred prosecution under the deleted sections, so criminal proceedings based on sections 276DD and 276E of the Income-tax Act could not be sustained. The court also found that the inter-firm transactions were genuine accounting adjustments made for temporary business needs, not loans or deposits attracting the alleged statutory mischief, and the petitioners, including the partners, could not be proceeded against on that basis. The criminal notices, summons and prosecution cases were therefore quashed and not permitted to continue against the petitioners. Case-Laws Income Tax Mon, 28 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17882