Managing
Director of M/S Kitty Steels Ltd., Hyderabad Sentenced for 3 Months along with
the Fine of Rs. 5000/- each for the Two Offences committed under Section 276B
and 276C of the Income Tax Act
The
Court of the Special Judge, Economic offences, Nampally, Hyderabad has
sentenced the Managing Director of M/s Kitty Steels Ltd., Hyderabad to rigorous
imprisonment for 3 months along with the fine of Rs. 5000/- each for the two
offences committed under section 276B and 276C of the Income Tax Act. The
assessee company had deducted tax at source from the salaries, dividends and
payments made to the contractors, but had not deposited the tax so deducted to
the credit of the Central Government within the prescribed time. The assessee
company had also failed to issue the requisite certificates of TDS u/s 203 of
the Income Tax Act. The Hon’ble Court, after hearing both sides and perusing
the documents came to the conclusion that the assessee had willfully attempted
to evade the payment of tax and had committed offences punishable u/s 276B and
276C(2) of the Act.
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