TaxTMI 
TaxTMI 
2019 (5) TMI 32
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....the Income Tax department on the ground that search and seizures conducted by Investigation Team, Kolkata by other directorates had revealed that many people were claiming bogus exemption under Section 10(38) of the Income Tax Act, 1961 namely, some listed Companies (Stock Exchange) have been established, who sell their shares at a lesser price to their clients and later on they manipulate their shares in such a manner that prices of shares will be increased within a short period and later on person, who purchases the shares, will sell the shares at a higher rate after certain period and claim the resultant Long Term Capital Gains (LTCG) as exempted under Section 10(38) of the Act. With this credible information, investigating team as noted....
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....s of the Sri.Diwakar.K., learned counsel appearing for petitioner and Sri.E.I.Sanmathi, learned counsel appearing for respondent No.3 and learned HCGP appearing for State. 4. It is contention of Sri.Diwakara.K., learned counsel appearing for petitioner that complaint has been lodged belatedly i.e. after one day of the incident and no explanation whatsoever is forthcoming and even otherwise, charge-sheet material does not disclose any offence committed by accused that too for the offences punishable under Sections 353 and 204 of IPC. He would also submit that list of inventory accounts book impounded under Section 133A(3) of the Act, does not disclose about Page-107 alleged to have been swallowed by the petitioner and not find a place in ....
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....val contentions raised at the bar, it would emerge there from that, undisputedly, survey proceedings under Section 133A of the Income Tax Act was conducted in the premises of M/s.A-one Steels India Private Limited on 09.11.2015 by the Officers of the Income Tax Department by entering the said premise at about 3.15 pm. The facts narrated in the petition as well was grounds urged in support of the prayer sought for by the petitioner would also disclose that till survey proceedings was coming to an end on 10.11.2015 at 2.30 am, there is no dispute about the procedure adopted by the department or in other words, there is no serious attack in that regard. Be that as it may. The issue revolves around in this petition is relating to a purported sh....
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.... material found during the course of the survey, certain income is said to have been escaped for assessment in the hands of the petitioner and others. The sheets which came to be impounded, according to the prosecution, page No.107 alleged to have been swallowed by the petitioner during the survey proceedings is missing. 9. While considering the prayer for quashing the criminal proceedings, this Court would examine as to whether the complaint would disclose any offence or the allegations made in the complaint is so frivolous and vexatious, it would not serve any fruitful purpose if it is taken to its logical end or it would be an abuse of process of law and as such said proceedings is to be quashed or not. If the allegations set out in t....
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....on which would arise for consideration is: whether averments made in the complaint spell out the ingredients of the criminal offence or not? In this background, the complaint in question if perused it would clearly disclose that allegations made in the complaint is for trying to destroy the evidence and obstructing public authorities to discharge their duties. There cannot be any dispute to the fact that officials of the Income Tax Department in exercise of the provisions under Section 133A of Income Tax Act, 1961 would be empowered to enter any place within the limits of the Area assigned to such Offices, any place kept by any persons in respect of whom he exercises the jurisdiction, any place in respect of which he authorizes for the purp....