1994 (6) TMI 1

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.... of 1992 are filed by the Income-tax Officer, E-Ward, Circle-II, Hyderabad, against the judgments in C. C. No. 128 of 1986 and C. C. No. 127 of 1986 on the file of the Special judge for Economic Offences, Hyderabad, respectively, acquitting the respondents-accused of offences under sections 276C and 277 of the Income-tax Act, 1961, and sections 193 and 196 of the Indian Penal Code, by separate jud....

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....14 and Rs. 3,43,027 for the assessment years 1977-78 and 1978-79, respectively. While working out the taxable income, the firm omitted to take into account the sales made through the commission agents during the last quarter of the years 1977 and 1978 in the assessment years 1977-78 and 1978-79, respectively. Thus, an amount of Rs. 7,79,796 being the amount of sales during February and March, 1....

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....ger relating to the assessment year 1977-78, wherein the sales through the commission agents relating to the year ending March 31, 1976, were found accounted during the assessment year 1977-78. As this mistake in accounting the consignment was realised, the first accused-firm immediately filed a revised return on June 15, 1979, disclosing a total income of Rs. 4,06,569 for the assessment year 1977....

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.... loss of revenue. The main ingredient of the offence under section 276 of the Income-tax Act is wilful attempt to conceal the income. The Income-tax Appellate Tribunal which is the highest fact-finding body came to the conclusion that there was no wilful Attempt to conceal the income. In Uttam Chand v. ITO [1982] 133 ITR 909 (SC), it was observed that the prosecution once initiated may be quashed ....