In a major relief to former Union Finance Minister P. Chidambaram's family, the Madras High Court on Friday quashed the prosecution proceedings initiated by the Income Tax Department under the Black Money (Undisclosed Foreign Income and Assets) And Imposition of Tax Act or Black Money Act.

The court also quashed the IT department's sanction orders to prosecute Chidambaram's wife Nalini Chidambaram, his son Karti Chidambaram and daughter-in-law Srinidhi under the Black Money Act.