Businessman gets two years RI, ₹7.54 lakh fine for income-tax evasion
A businessman from Namakkal has been sentenced to two years of rigorous imprisonment and fined ₹7.54 lakh for income tax evasion. The court found that he failed to file returns for one assessment year and attempted to hide income by filing under a different PAN.
Why it matters
This case highlights the legal consequences of tax fraud and the enforcement capabilities of the Indian Income Tax Department.
The Chief Judicial Magistrate Court in Coimbatore, which is the special court for Income Tax (I-T) related cases, on Tuesday sentenced a man from Namakkal district to two years of rigorous imprisonment (RI) for income tax evasion.
Chief Judicial Magistrate K. Sivakumar awarded the sentence and a fine of ₹7.54 lakh to R. Natesan of Tiruchengode, who is into the businesses of operating excavators and borewell drilling.
As per the prosecution, rent receipts amounting to ₹25,89,914 and bank deposits amounting to ₹71,40,741 were shown under Mr. Natesan’s PAN for the financial year 2012–13 corresponding to the assessment year 2013–14 as per records available with the I-T Department.
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