If you file income tax return late then read this news, 2 directors were jailed - Newztezz Online

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Monday, June 12, 2023

If you file income tax return late then read this news, 2 directors were jailed


According to the Additional Chief Metropolitan Magistrate, the accused have failed to file the return of assessment year 2014-2015 on time. Though the tax has been deposited later, it cannot be taken into consideration.

Filing income tax return late comes under the category of crime and you can also be jailed. If you are not sure then this news will break all your illusions. The special court has sent the directors of two companies to jail for not filing the income tax return of the assessment year on time. Both of them are in the business related to jewelry and both of them have their firms in Zaveri Bazar, Maharashtra. Both have been sentenced to rigorous imprisonment of 6-6 months. If you are doing something like this then be careful because the next number can be yours too.

The accused Jitendra Jain and Kiran Jain, both are directors of Saloni Jewelers Pvt Ltd and M/s Yellow Jewelers Pvt Ltd. Seeking maximum punishment in the two separate cases, Special Public Prosecutor Amit Munde said that both are habitual offenders, and a similar case is going on against them. The special thing is that even after depositing a total of Rs 4.5 crore, the court has not absolved both of them.

ITR not filed on time

According to the Additional Chief Metropolitan Magistrate, the accused have failed to file the return of assessment year 2014-2015 on time. Though the tax has been deposited later, it cannot be taken into consideration. The accused are the directors of the company and their directorship cannot be denied. Therefore, any default by them cannot be ignored. Therefore, the accused is held guilty under section 276CC read with section 278E of the Act.

What the court said

Rejecting the defense of the accused, the magistrate also noted that the accused had failed to establish that the default was not willful and caused financial loss. The magistrate said that the prosecution submitted a slip of the cash transaction. Which is proof that the accused have deposited Rs 12 crore in the middle of 2016. The court was surprised to note that in the assessment year 2014-15, the accused was facing financial crisis, loss in business and within a few months, he deposited a huge amount of Rs 12 crore in the bank. Though the deposit has not been deposited within the relevant year, but depositing a huge amount within a short period of time speaks volumes about the past financial position of the accused.

When was the verdict pronounced

All these judgments were pronounced in April, detailed copies were made available last week. The accused were later granted temporary bail to file an appeal after going to the court. IT said a survey carried out on the Office Campus in 2018 and the Audit Report and Balance Sheet of Yellow Jewelers Pvt Ltd dated May 7, 2014 showed a profit after tax of over Rs 1 crore and a tax liability of around Rs 52 lakh Shown. In the case of Saloni Jewelers Pvt Ltd, it was alleged that on April 29, 2014, it was found that the profit after tax was Rs 6.83 crore and the tax liability at present is Rs 3.91 crore.

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