https://www.taxtmi.com/caselaws?id=21451 A final finding in income-tax proceedings that there was no concealment of income and that the assessee's explanation was bona fide can materially affect related criminal prosecution under sections 276C and 277 of the Income-tax Act read with the Penal Code. Mere pendency of tax proceedings does not by itself bar prosecution, but where the appellate finding negates concealment and cancels the penalty, the basis for the criminal charge may disappear. On the facts noted, the Tribunal accepted that the stock difference was estimated, found the explanation bona fide, and held that no penalty was exigible, supporting termination of the prosecution and affirming acquittal. en-us Mon, 20 Jan 1992 00:00:00 +0530 Tue, 24 Nov 2009 15:25:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21451 A final finding in income-tax proceedings that there was no concealment of income and that the assessee's explanation was bona fide can materially affect related criminal prosecution under sections 276C and 277 of the Income-tax Act read with the Penal Code. Mere pendency of tax proceedings does not by itself bar prosecution, but where the appellate finding negates concealment and cancels the penalty, the basis for the criminal charge may disappear. On the facts noted, the Tribunal accepted that the stock difference was estimated, found the explanation bona fide, and held that no penalty was exigible, supporting termination of the prosecution and affirming acquittal. Case-Laws Income Tax Mon, 20 Jan 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21451