INCOME TAX OFFICER Vs. KRISHNAGOPAL MOTILAL CHANDAK

JUDGEMENT

(1.) This application is at the instance of original complainant, Income Tax Officer seeking leave to file appeal against judgment and order passed by the learned Judicial Magistrate First Class (JMFC), acquitting present respondent in RCC No.15 of 2011 vide judgment and order dtd. 22/1/2018.

(2.) Ms.Kalpalata Bharaswadkar Patil, learned Counsel for the applicant, who appeared through Video Conference, apprised this Court about the proceedings instituted against respondent for offence under Sec. 276(C) of the Income Tax Act. According to her, respondent was engaged in business of share trading. He has filed his annual return for the year 2006-2007 showing his total income as Rs.6,27,99,405.00. That further he declared short term capital gain to the tune of Rs.4,73,30,889.00 and Rs.1,53,11,488.00 towards long term capital gain. That as per provisions of the Income Tax Act, he was liable to pay Rs.53,17,680.00 including interest for delayed payment. That inspite of several opportunities, he failed to deposit the amount due and therefore, tax authorities were required to attach bank account as well as demat account of respondent.

(3.) It is further submitted that after receiving grant of sanction for prosecution against accused for offence under Sec. 276(C) of the Income Tax Act, proceedings were instituted before the learned JMFC. However, learned JMFC has acquitted the respondent by order dtd. 22/1/2018.