You've asked:
Only taunting for dowry is mentioned which i think doesn't come under the perview of 498A.
Ans: [Qua Sec 154, Cr.P.C.] FIR is only an Indicative report, as a means of First Information. When trial begins, Your wife's written statement will be taken on record. And, if she gives specific instances of beatings or dowry demands during oral arguments then it will be used as an Evidence against you.
I would like to know the possibility of quashing of FIR by the high court
Ans: Not possible, HC bench will never want to interfere during interlocutor's stage. HC can quash cases or FIR only in specific extra ordinary situation, when Accused Applicant is able to prove that Prima facie F.I.R. is invalid (Foreg. a Business Firm fighting cheque bounce case shows that Cheque is fabricated). Also Leave Petition if be filed today, will only be heard after 30thJan when actual trial has begun. Crl. Leave Petition at this stage is useless.
and also what would be the consequences if I face the trial.
Ans: You've already been brought into the gambit of Criminal Case. Now trial will only help you. Things lying ahead you are:
a. If your wife is clever then she might get your bail cancelled by Cr. Appeal saying that you're harrasing her (in form of Affidavit) and AB might be cancelled. You might be sent behind bars, if she convinces police.
b. If your wife is clever then she might be able to convince Sess. Judge into giving interim monthly compensation. Which could be as high as 50% of salary.
c. If your wife is clever then she might give your asset details to Sess. Judge and he might attach property till finalization of matter.
These three are only during trial. I am assuming that you won't be convicted.
What to do now?
(1) Prepare Evidence:
a. Convince Neighbours (Atleast 2) to vouch for you as to no signs of Physical Harrasment were seen.
b. Prepare a list of your Assets (Before Marriage and After) and present to court to prove that there was no swell in your bank accounts after marriage.
c. Be ready with Divorce Case File. It's a fact that those who beat their wives don't divorce easily. Those who divorce are ones suffering at hands of wife.
(2) Turn case into your favour: As for mediation. Prepare a list of Dowry articles and return them. Don't give any cash settlement. If mediation works then good. Else fight the case.
Best of Luck,
Siddharth Legal