USHA GUPTA Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) Crl.M.A. No. 5337/2010.

(2.) EXEMPTION application is allowed, subject to all just exceptions.

(3.) THE allegation made in the complaint was that in a search and seizure conducted under the I.T. Act dated 21st, December 1983, some document, books of accounts and valuables were found, on the basis of which the authorities assessed the sale consideration of shares as Rs. 46,00,000/ -. Besides the cheque amount received as sale consideration of shares, the accused also received cash amount and the shares were shown to be grossly under priced . It was found that consideration for each share sold came out to be Rs. 149.36 and not Rs. 8/ - per share as claimed by the accused. Later on 17th August, 2002, the accused in her letter to the I.T. Authorities had admitted that the sale of shares to be Rs. 100/ - per share.