Law: Pakistan Penal Code, 1860

Section: 11

Law: Foreign Exchange Regulation Act, 1973

Section: 13,18(1)(a),18A,19(1)(a),44(2),50,51,56( 1)(ii),56(i),56(ii)

JUDGMENT 1. Srikrishna, J.- Leave granted. 2. We have had the benefit of reading the opinions expressed by our esteemed and learned brothers Balakrishnan, Dharmadhikari and Arun Kumar, JJ. With great respect, we are unable to persuade myself to the views expressed therein. 3. Brother Balakrishnan, J., has indicated in his judgment the circumstances under which the reference has been made to this larger Bench to reconsider the correctness of the view expressed by the majority in Asstt. Commissioner v. Velliappa Textiles Ltd. [2003] 11 SCC 405. [2003] 263 ITR 550, [2003] 1 RC 635. 4. Velliappa Textiles Ltd.'s case (supra) 263 ITR 550 was concerned with prosecution for an offence under sections 276C, 277 and 278 read with section 278B of the Income-tax Act, 1961. Each of the pun ishing sections provides that a person found guilty shall be punishable with a mandatory term of imprisonment and fine. The majority in Velliappa Textiles Ltd.'s case (supra) took the view that since an artificial person like a company could not be physically punished to a term of imprisonment, such a section, which makes it mandatory to impose a minimum term of imprison ment, cannot apply to the case of an artificial person. 5. The majority judgment in Velliappa Textiles Ltd.'s case (supra ) indi-cates that the situation is not one of an interpreta tional exercise, but one that calls for rectification of an irretrievable error in drafting of the concerned statute. It has noticed the two Reports of the Law Commission of India of 1941 and 1947 pointing out the impossibility of implementing such a provision without transgressing the well established bounds of judicial functions and taking on the role of Legislature. It was also pointed out that the situation is neither novel, nor unique. Such situation has been faced in several other jurisdictions wherein it was recognised that the only solution to such a prob lem is by legislative action. Instances from the jurisdictions in Australia, France, Canada, Netherland and Belgium were referred to. There was also reference made to the fact that the Indian Parliament was cognizant of the problem and had proposed the IPC (Amendment) Bill, 1972,…

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