Prosecution u/s 276C quashed automatically as penalties cancelled on merit

Satendra Kumar Jalan Vs State of Jharkhand (Jharkhand High Court) Jharkhand High Court held that once the penalties are cancelled on the ground that there is no concealment, the quashing of prosecution under section 276C of the Income Tax Act is automatic. Facts- It had been alleged that petitioner is the Karta of Satendra Kumar Jalan HUF and during course of search and seizure operation, it was found that the petitioner had claimed huge Bogus LTCG during F.Y. 2013-14. Further, during the course of Post Search Investigation, the petitioner was even examined on oath under section 131(1A) of the...