https://www.taxtmi.com/caselaws?id=437192 The HC upheld the trial court's acquittal of the accused charged under sections 276(C) and 277 of the IT Act for income suppression related to constructing a costly building without disclosing the investment source. The court found no compelling reasons to interfere with the 30-year-old acquittal judgment, noting that the penalty proceedings were dropped by IT authorities. For section 276(C), no willful tax evasion was established. For section 277, the court found no evidence of deliberately false statements, as the accused had filed a revised return showing a loan from another party, which was permissible under law. The HC determined no error in the trial court's findings warranting interference. en-us Tue, 25 Apr 2023 00:00:00 +0530 Thu, 16 Jan 2025 18:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437192 The HC upheld the trial court's acquittal of the accused charged under sections 276(C) and 277 of the IT Act for income suppression related to constructing a costly building without disclosing the investment source. The court found no compelling reasons to interfere with the 30-year-old acquittal judgment, noting that the penalty proceedings were dropped by IT authorities. For section 276(C), no willful tax evasion was established. For section 277, the court found no evidence of deliberately false statements, as the accused had filed a revised return showing a loan from another party, which was permissible under law. The HC determined no error in the trial court's findings warranting interference. Case-Laws Income Tax Tue, 25 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437192