If income tax return is not filed on time, then there can be jail
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The accused Jitendra Jain and Kiran Jain are directors of the jewelery company Saloni Jewelers Pvt Ltd and M/s Yellow Jewelers Pvt Ltd. Although he had deposited an amount of about Rs 4.5 crore, the court did not give him any relief. The Additional Metropolitan Magistrate noted that the accused had not filed the return for the assessment year 2014-15. Although it was filled later, it cannot be discussed here. The accused are directors of the company and they have not denied the same. So they are responsible for the default. He is proved guilty.
arguments of the accused
The accused contended that the default was not willful. But the magistrate said the accused had failed to prove it. The judgment was pronounced in April but its detailed copy came out last week. After an appeal in the court, both got temporary bail. According to the Income Tax Department, a survey conducted in 2018 revealed that Yellow Jewelers had shown a profit of Rs 1 crore and a tax liability of Rs 52 lakh. Similarly, Saloni Jewelers had a profit of Rs 6.83 crore and tax liability of Rs 3.91 crore.
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