https://www.taxtmi.com/caselaws?id=447761 The Madras HC quashed criminal prosecution under Section 276C(1) against a 77-year-old Non-Resident Indian petitioner. The case involved unusual large RTGS credits and stock market investments in the petitioner's bank account. The CIT(A) had deleted the penalty, finding no intention to conceal income as the petitioner held bonafide belief regarding no tax liability due to his NRI status and TDS deductions. The HC ruled that once the penalty was deleted by the appellate authority, the prosecution could not be sustained, despite having previously dismissed a similar petition in 2020. en-us Thu, 16 Nov 2023 00:00:00 +0530 Thu, 16 Jan 2025 18:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447761 The Madras HC quashed criminal prosecution under Section 276C(1) against a 77-year-old Non-Resident Indian petitioner. The case involved unusual large RTGS credits and stock market investments in the petitioner's bank account. The CIT(A) had deleted the penalty, finding no intention to conceal income as the petitioner held bonafide belief regarding no tax liability due to his NRI status and TDS deductions. The HC ruled that once the penalty was deleted by the appellate authority, the prosecution could not be sustained, despite having previously dismissed a similar petition in 2020. Case-Laws Income Tax Thu, 16 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447761