The Additional Chief Metropolitan Magistrate-Economic Offences Wing-II (ACMM-EOW-II) has convicted a private company and its directors for wilful failure to file return of income. A fine of ₹2 lakh was imposed on the directors.
The Income Tax (I-T) Department (Tamil Nadu and Puducherry Region), Chennai, had initiated the prosecution against the firm for not filing their income tax returns for 2014-15.
Action was initiated after considering information available in the database that the assessee company had received a contract payment to the tune of ₹2.27 crore in the financial year relevant to the assessment year. The I-T Department alleged that the company had not given any legally accepted reasons for not filing the tax returns.
A prosecution complaint was filed on January 23, 2018 against the assessee company and its directors in the court. The Special Public Prosecutor represented the I-T Department during the prosecution proceedings before the trial court.
