Case Law Details
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 Income Tax Act, 1961 but he denied that his claim for LTCG is bogus.
It was further alleged that the Enquiry/Investigation Report reveals that the petitioner has transacted certain scripts of shares whose value has been appreciated 50 times in one year.
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