The amendment to S. 277 imposed compulsory imprisonment for the offence, making it applicable to corporate entities.

( 1 ) IN this revision petition filed under ss. 397 r/w 401 Cr. P. C , the petitioner m/s. Vijaya Ccmmercial Credit Ltd. , formerly known as M/s. Vijaya Bank Ltd. , accused No. 1 in CC. Nos. 4 to 17 of 1982, on the file of the Court of the presiding Officer, Special Court for economic Offences, Bangalore, represented by its Managing Director Sri T. K. Alva, has sought to challenge the legality and correctness of the order dated 9-2-1983, whereby the application made for discharging it of the offences alleged has been rejected.

( 2 ) THE criminal cases have been instituted on private complaints filed by the Vlth Incometax Officer, Mangalore circle, Mangalore, on being authorised by the Commissioner of Income Tax, karnataka-l, Bangalore, as provided under s. 279 of the Income Tax Act, 1961, hereinafter referred to as the 'act', on the allegation that M/s. Vijaya Bank Ltd. , (A-1), being a scheduled Bank and a Company registered under the Indian Companies act, with its registered office at mangalore, South Kenara, and having its branches all over India, as provided under s. 285 of the Act, was required to submit returns in the prescribed form and verified in the prescribed manner of the names and addresses of all the persons to whom interest exceeding Rs. 400/- had been paid during each financial year and although there were large deposits in the names of seventeen different persons, most of whom were fictitious persons, in various branches of M/s. Vijaya Bank, hereinafter referred to as the 'company', to whom interest exceeding Rs. 400/- had been paid during the financial years ending with 31-3-1972, 31-3-1973, 31-3-1974 and 31-3-1975 (details given), with a view to prevent detection of the source of deposit being inquired into by the Income tax Officer, at the instance of and/or instruction and guidance of the then Chairman, the Company had deliberately and intentionally failed to furnish that information in the annual returns of the said years filed by the company verified by the Branch Manager mr. B. Manohar Shetty (A-4) and forwarded by Mr. C. H. Sreedharan (A-3) ; while the Company (A-1) had thereby committed an offence punishable under s. 277 of the Act, the officials of the company (A-2 to A-5) had committed an offence punishable under S. 278 of the act and they were therefore liable to be punished.

( 3 ) THE complaints were filed before the nationalisation of the petitioner- company M/s. Vijaya Bank (A-1), represented by the principal Officer and chairman Mr. M. Sundar Ram Shetty- in the court of the JMFC, Mangalore. During enquiry, when the evidence was being recorded, on the application filed by the complainant-respondent herein- the cases were transferred from the Court of the Magistrate at Mangalore to the court of the Presiding Officer, Special court for Economic Offences at bangalore. Later on, when the Chairman of the petitioner-Company Mr. M. Sunder ram Shetty died, the successor chairman Mr. B. T. R. Punja was arrayed as party representing the petitioner- company.

( 4 ) THE petitioner-Company sought for discharge of the offence-firstly on the ground that the banking undertaking of vijaya Bank Ltd. having been nationalised with effect from 15-4-80 under the banking Companies Acquisition and Transfer of Undertakings Ordinance 1980 which was replaced by the Banking companies Act, 1980, the proceedings against the petitioner-Company as it stood prior to the nationalisation cannot be continued ; and secondly on the ground that during the relevant periods, in the provisions as contained in S. 278 of the Act, before its amendment, there was no penal liability attached to the bank/company for the offences committed under the Act, and, therefore, the petitioner-company deserved to be discharged of the offence.

( 5 ) THE court below rejected both the contentions and observed, even after the nationalisation of the Banking business, A-1 Company continued to be in existence and the criminal liability cannot be tran