Anz Grindlays Bank Limited & Ors., Etc vs Directorate Of Enforcement & Ors., Etc

The Supreme Court, while addressing the interpretation of Sections 276C, 277, 278, and 278B of the Income Tax Act, 1961, held that the majority view in Velliappa Textiles Ltd. was incorrect regarding the applicability of mandatory imprisonment for corporate offenders. The Court emphasized the need for legislative clarity and noted that Parliament had amended Section 278B to address the issue of corporate liability. The judgment reaffirmed the necessity of aligning judicial interpretation with legislative intent, resulting in the overruling of the previous decision in Velliappa.