2021 (9) TMI 656

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....opolitan Magistrate Court - E.O.II, Egmore, Chennai and quash the same. 2. Facts leading to the present round of litigation is that the petitioner is a limited company and in the business of manufacturer of paper and was incorporated on 26.11.1982. The Company filed the return of income on 07.12.2006, declaring total income of Rs. 47,543/- and the said return was processed under Section 143(1) of the Act and after scrutiny, it appears that the petitioner suppressed the total income of sum of Rs. 1,30,92,111/- as profit of sale of agricultural land and for the said non disclosure of the profit, the Assessing Officer had initiated assessment proceedings under Section 143(3) of the Income Tax Act and the assessment order was passed on 31.12....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ner of Income Tax, whereby agreed to pay the penalty amount and thereby, he deposited an amount of Rs. 29,36,625/- through NEFT on 27.07.2017. Even then, the respondent has launched the criminal prosecution for non payment of demanded amount in E.O.C.C.Nos.613 and 614 of 2017. Challenging the same, the present petitions are filed. 3. The learned counsel appearing for the petitioner submitted that the petitioner has challenged the proceedings of levy of penalty and the same is pending before this Court in T.C.A.No.876 of 2016. When the levy of penalty is a subject matter for consideration before this Court, the respondent without any application of mind to the factual aspects, has issued the show cause notice dated 27.06.2017. Further in ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ending and thereby, the petitioner without cooperating with the investigation, straight away approaching this Court by filing the present petition is not justifiable and hence prays for dismissal of the same. 5. This Court has carefully considered the rival submissions and also perused the materials available on record. 6. The facts in the present case is not in dispute that based on the income tax return filed by the petitioner's Company, an assessment order dated 07.12.2006, was passed, stating an additional income under long term capital gain and income from other sources to the tune of Rs. 1,30,78,287/-, thereby the petitioner has been demanded for a sum of Rs. 39,05,711/-. For the alleged wilful attempt for evasion of tax, th....