BANUMATHI Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) THE petitioners who are accused 2 to 4 in case pending in EOCC No.177 of 2005 on the file of the learned Additional Chief Metropolitan Magistrate (Economic Offences-I) Egmore, Chennai have come forward with this petition to quash proceedings in such case as against them.

(2.) IN such case, four persons are accused of offences under Sections 269UC and 269UL(2) of the INcome Tax Act, 1961 (hereinafter referred as Act) punishable under Section 276 AB of such Act. The accused 1 and 2 in the case are husband and wife. Being persons separately assessed to tax, they held individual properties comprising of flats and independently have sold their respective holdings to the 3rd accused viz., M/s.Sangeetha Associates represented by P.Rajagopal and 4th accused P.Rajagopal in his individual capacity.

(3.) HEARD both.