1988 (10) TMI 15

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....were raided and from whose premises valuables were found by the raiding party, and who could not render satisfactory explanation regarding some of the items so seized, has been prosecuted for an offence punishable under section 276C of the Income-tax Act, 1961, as well as section 195 of the Indian Penal Code. He has prayed that the said proceedings be quashed inasmuch as he has approached the Sett....

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....ged that merely because the Settlement Commission has entertained the petition, it would not necessarily mean that the assessee has been exonerated completely or has been granted immunity and as such the criminal proceedings cannot be quashed. My attention was drawn to a decision rendered by the learned single judge of this court (coram : R. A. Mehta J.) in Criminal Revision Applications Nos. 2....

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....be established to have been concealed. If the proceedings were to be allowed to continue and a decision allowed to be rendered in the proceedings and if ultimately the Commission were to grant immunity, then an anomalous situation would arise. What the learned single judge was concerned with was only up to a stage when the petition was filed before the Commission and was pending, but, in the insta....