2016 (4) TMI 220

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....1) and 277 of Income Tax Act 1961. 3. The gist of the complaint is that the petitioner/accused is an individual who is partner in several firms and Director and shareholder in several companies. He is also doing business in Lubricants. He is an assessee on the file of the complainant/respondent. For the Assessment year 2011-12, he filed his return of income on 30.09.2011 declaring his total income as Rs. 4,13,85,792/-. Subsequently, he filed revised return on 13.12.2011 declaring total income as Rs. 4,03,00,431/- and claimed refund of Rs. 4,08,421/-. The income shown by the petitioner consisted of income from salary, house property, business, short term capital gains and income from other sources. The Assessing Officer received letter from....

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....is the case of the complainant that the petitioner/accused willfully and deliberately did not disclose Rs. 68,21,469/- interest earned on the fixed deposit held by him with an intention to evade tax. He falsely verified the return of income containing inaccurate particulars of his income though he was fully conscious and aware of fixed deposit of Rs. 9.62 Crores and thereby the petitioner committed offences punishable under Sections 276C(1) and 277 of the Income Tax Act. The learned Magistrate took cognizance and issued process to the petitioner, petitioner appeared before the Magistrate. The complainant was examined as PW.1 in part. When the case was posted for further examination of PW.1, this petition came to be filed by the petitioner t....

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....ich he disclosed in his income tax returns. That itself speaks volume about the culpable mental state of the petitioner. Further, it is submitted that the petitioner made deposits in his name by showing three different names in the branches of Tumkur Grain Merchant Co-Operative Bank Limited at Bangalore by showing his name in one fixed deposit as Vishwas, in another fixed deposit Vishwas U. Lad and in yet another fixed deposit Vishwas S/o Uday Singh Lad for the reason best known to the petitioner. But he has given the same address for all the three fixed deposits. He filed revised returns and paid taxes only after department detected the concealment and therefore it cannot be called as voluntary disclosure as claimed by the petitioner. Ther....

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....ome tax, he did so only after the department detected the concealment. In fact, he was informed of the concealment of fixed deposits by issuance of notices dated 10.01.2014 and 26.02.2014. Revised returns filed by him on 08.03.2014 showing fixed deposits and interest earned on fixed deposits cannot be called as voluntary disclosure. 7. In the decision of the Patna High Court relied upon by the petitioner, there is no concealment of the income while filing returns or there is no false returns having been filed. But the assessee failed to pay the tax within the time limit and therefore penalty proceedings were initiated against him. On account of his poor financial capacity, he had deposited Rs. 50,000/- even prior to the application dated 1....