CrPC 203: Section 203 of the Criminal Procedure Code
Dismissal of complaint
If, after considering the statements on oath (if any) of the complainant and of the witnesses and the result of the inquiry or investigation (if any) under section 202, the Magistrate is of opinion that there is no sufficient ground for proceeding, he shall dismiss the complaint, and in every such case he shall briefly record his reasons for so doing.
To the best of my knowledge u can't do in regards to CRPC 203 it is court that decides based on police report. Either court can process opponent or either dismiss complainant's complaint under 203. Although i am not a lawyer i am just telling u from my experience.
U are right mr Jon I am also with same opinion but whatever the power of magistrate we may invoke that powers. This section may be used as cognizance BAHAS. This kind of judgment delivered by SC also in priyanka srivastava v/s Govt of UP.