https://www.taxtmi.com/caselaws?id=383291 The court quashed the criminal case proceedings (No.29362/1996) under Sections 276C and 277 of the Income Tax Act, 1961, based on the concealment of income. Relying on the Supreme Court's precedent in the K.C. Builders case, the court emphasized that once penalties for concealment were deleted by the Tribunal, the prosecution could not be sustained. Consequently, the court exercised its inherent power and quashed the proceedings, allowing the petition and ruling in favor of the petitioners. en-us Wed, 26 Jun 2019 00:00:00 +0530 Wed, 19 Aug 2020 13:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383291 The court quashed the criminal case proceedings (No.29362/1996) under Sections 276C and 277 of the Income Tax Act, 1961, based on the concealment of income. Relying on the Supreme Court's precedent in the K.C. Builders case, the court emphasized that once penalties for concealment were deleted by the Tribunal, the prosecution could not be sustained. Consequently, the court exercised its inherent power and quashed the proceedings, allowing the petition and ruling in favor of the petitioners. Case-Laws Income Tax Wed, 26 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383291