GUPTA CONSTRUCTION CO Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) IN the present revision petition challenge is to the order dated April 9, 1992, passed by the Sessions Judge, Faridkot, whereby, the order of discharge passed by the Chief Judicial Magistrate, Faridkot, for an offence under Sections 276C and 277 read with Section 278B of the INcome-tax Act, 1961, was set aside.

(2.) THE Income-tax Department had sought prosecution of the petitioners, inter alia, on the ground that the petitioners have claimed depreciation at the rate of 40 per cent. on account of purchase of a new truck, which was allegedly purchased on March 26, 1984, but was not put to use till March 31, 1984, and, thus, the petitioners have made wrong claim of depreciation. However, the assessee surrendered the amount of depreciation on February 2, 1986, on the condition (no penalty or prosecution) which was accepted by the Department. But, subsequently, penalty proceedings under Sections 276C, 277 read with Section 278B of the Income-tax Act were initiated.

(3.) THE petitioners moved Criminal Miscellaneous No. 45061 of 2002 placing on record the order passed by the Income-tax Appellate Tribunal, wherein, the penalty proceedings have attained finality, inasmuch as, the penalty proceedings were dropped.