BENGALURU: A special courtroom has sentenced industrialist Vishwas Udaysingh Lad to 4 years rigorous imprisonment and imposed a penalty of Rs 2 lakh on him for concealing source of revenue and making "false verification" in source of revenue tax returns.
Lad, belonging to a prominent and politically well-connected circle of relatives, was once a director in many companies and a partner in several firms, the Income Tax department mentioned in a free up here as of late.
He was once additionally carrying out a number of companies via his private bank account, it mentioned
The department found that Lad had hid money deposits of Rs 9.62 crore made in more than a few branches of Tumakuru Grain Merchant Cooperative Bank Limited (Society) across Bengaluru as fixed deposits all through review year of 2010-11.
He did not claim accumulated pastime amounting to Rs 69.39 lakh for review year 2011-12 to 2013-14, the discharge mentioned.
The department mentioned Lad had were given made 103 FDs of Rs 9.62 crore splitting the similar to not up to Rs 10 lakh every, below three different names -- Vishwas, Vishwas U La and Vishwas S/o Uday Singh -- to avoid sending the tips to the dep. with the sole intent to evade taxes, it mentioned.
In his order on May 26, the IT department particular courtroom judge Shanthanna Alva M held him guilty of offences punishable below the Income Tax Act, 1961 and sentenced him to two years rigorous imprisonment for review year 2010-11 and twelve months RI every for review years 2011-12 and 2012-13.
This is the utmost punishment awarded to any individual so for tax evasion in Karnataka, the discharge mentioned.
The department has initiated an aggressive pressure to locate cases of tax evasion through people, companies, firms and trusts, it mentioned.
"Several such cases of concealment of income and evasion of taxes by such high profile and influential individuals are pending before the Special Court of Economic Offences," it mentioned.
Lad, belonging to a prominent and politically well-connected circle of relatives, was once a director in many companies and a partner in several firms, the Income Tax department mentioned in a free up here as of late.
He was once additionally carrying out a number of companies via his private bank account, it mentioned
The department found that Lad had hid money deposits of Rs 9.62 crore made in more than a few branches of Tumakuru Grain Merchant Cooperative Bank Limited (Society) across Bengaluru as fixed deposits all through review year of 2010-11.
He did not claim accumulated pastime amounting to Rs 69.39 lakh for review year 2011-12 to 2013-14, the discharge mentioned.
The department mentioned Lad had were given made 103 FDs of Rs 9.62 crore splitting the similar to not up to Rs 10 lakh every, below three different names -- Vishwas, Vishwas U La and Vishwas S/o Uday Singh -- to avoid sending the tips to the dep. with the sole intent to evade taxes, it mentioned.
In his order on May 26, the IT department particular courtroom judge Shanthanna Alva M held him guilty of offences punishable below the Income Tax Act, 1961 and sentenced him to two years rigorous imprisonment for review year 2010-11 and twelve months RI every for review years 2011-12 and 2012-13.
This is the utmost punishment awarded to any individual so for tax evasion in Karnataka, the discharge mentioned.
The department has initiated an aggressive pressure to locate cases of tax evasion through people, companies, firms and trusts, it mentioned.
"Several such cases of concealment of income and evasion of taxes by such high profile and influential individuals are pending before the Special Court of Economic Offences," it mentioned.
K'taka trader gets 4-yr RI for concealing income
![K'taka trader gets 4-yr RI for concealing income]()
Reviewed by Kailash
on
June 08, 2018
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