Kitty Steels MD arrested, fined Rs 10,000 for IT Act violation
New Delhi: The Revenue Department on Friday said the Managing Director of Hyderabad-based Kitty Steels Ltd has been fined Rs 10,000 along with three months of imprisonment for violation of income tax laws.
"The Court of the Special Judge, Economic offences, Hyderabad has sentenced the Managing Director of M/s Kitty Steels Ltd, Hyderabad, to rigorous imprisonment for three months along with the fine of Rs 5,000 each for the two offences committed," an official statement said.
The assessee company had deducted tax at source from the salaries, dividends and payments made to the contractors, but had not deposited the tax with 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 Court, after hearing both sides and perusing the documents, came to the conclusion that the assessee had wilfully attempted to evade the payment of tax and had committed offences punishable U/S 276B and 276C(2) of the Act," it added.