1997 (10) TMI 60

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....laint Case No. 294 of 1992, taking cognizance under sections 276C and 277 of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), against the petitioners. The complainant-opposite party filed a petition of complaint alleging, inter alia, that the original assessment of the firm was made under section 143(1) of the Act on a total income of Rs. 15,310 on October 15, 1986. Thereafter, a ....

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....xpenses were shown as Rs. 8,574 during the said period. Further, advance of Rs. 9,650 was also made to different parties. Rs. 10, 846 was estimated as interest on these advances. The records further showed that the firm has earned interest during the relevant period but did not show it in the relevant documents. Thus, it was alleged that the accused persons wilfully did not file the return in resp....

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....issible in law. The case was lodged against the firm, M/s Ganesh Steel Traders, and three partners, namely, Lakhan Lal Sao, Ashok Kumar and Ajay Kumar. This petition has been filed on behalf of the firm and Lakhan Lal Sao. Now, the law is well-settled that in the case of the prosecution under the Act with regard to offence alleged to have been committed by the firm or company there should be spec....