TV-Film producer Yash Patnaik face 3 months prison sentence over tax evasion
TV-Film producer Yash Patnaik face 3 months prison sentence over tax evasion
TV-Film producer Yash Patnaik and his wife have been sentenced to 3 months in prison for tax evasion. The couple were charged with failing to deposit TDS with the government treasury within the prescribed time.
Coming down heavily on tax evasion, a Mumbai magistrate has sentenced them couple to three months of rigorous imprisonment for tax deducted at source (TDS) default.
Managing Director of Inspire Films, Yash Patnaik and his wife, were charged with failing to deposit TDS with the government treasury within the prescribed time.
The tax department submitted evidence in the Mumbai Metropolitan Court that Inspire Films failed to deposit the deducted amount of ₹1.78 crore in 2013-14, ₹3.48 crore in 2014-15 and ₹3.10 crore in 2015-16 and defaulted in payments to the tax department for three successive years of TDS deduction.
According to senior TDS official
Show-cause notices were issued to the directors but they did not respond and failed to submit details sought by the TDS authority.
The accused however, argued that they had reasonable cause for the delay but failed to prove the cause for the failure to deposit the mandatory TDS in three successive years.
When quizzed on the matter, Yash Patnaik remained unavailable to comment.
Additional Chief Metropolitan Magistrate LS Padhen convicted the couple under section 276B read with section 278B of the Income Tax Act, 1961 and sentencing them to three months of rigorous imprisonment with fine of ₹5,000 each.
The court has suspended the orders on personal bond of ₹10,000 on appeal by the accused.
News input KV Raman
