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May 2024

Offences and prosecution — Wilful attempt to evade tax — Effect of order in penalty proceedings — Tribunal considering facts and holding that there was no concealment of income — Prosecution could not continue.

By K B Bhujle | Ritu Punjabi, Advocates
Reading Time 3 mins

12 TVH Energy Resources Pvt. Ltd. vs. ACIT

[2024] 460 ITR 433 (Mad.)

A.Y.: 2013–14

Date of order: 13th July, 2023

Ss. 276C and 277 of ITA 1961

Offences and prosecution — Wilful attempt to evade tax — Effect of order in penalty proceedings — Tribunal considering facts and holding that there was no concealment of income — Prosecution could not continue.

The petitioners were prosecuted for the offences u/s. 276C(1) and u/s. 277 of the Income-tax Act, 1961, alleging that the petitioners have not explained the source of income for incurring cash expenses of ₹1,19,72,476 for the A.Y. 2013–14. The respondent also levied a penalty of ₹38,84,470 u/s. 271(1)(c) of the Income-tax Act, 1961. The Income-tax Appellate Tribunal, by its order dated 2nd April, 2018, found that there is no evidence that the petitioner has made any cash payment which is unaccou

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