Bizman gets 1 year jail for not filing I-T returns

New Delhi: Observing that tax evasion is rising and should be curbed with a firm hand, a trial court has sentenced a businessman to one year's rigorous imprisonment for not filing income tax returns for two years. 

    Additional chief metropolitan magistrate Devendra Kumar Sharma handed the jail term to Harish Bhasin, the director of a private company, who had failed to file returns for 2006-07 and 2007-08. The I-T department had submitted that Bhasin was assessed at a taxable income of Rs 11.98 crore for 2006-07 and the tax liability on this amount was somewhere around Rs 4 crore. Bizman claimed I-T owed him refunds 
New Delhi: The income tax department said that for 2006-07, businessman Harish Bhasin's taxable income was assessed atRs11.98 crore andfor 2007-08 at Rs 34.9 crore and the tax liability, Rs 10 crore. Separate cases were filed for both years. The court sentenced Bhasin to six months' jail in one case and one year in the second case for repeating the offence. 
    "Evasion of tax by persons is rising day by day which causes huge loss to the government exchequer and such practice should be curbed with firm hand. In this case, the convict was under an obligation to file return of income within the prescribed period but he failed to do so," the magistrate said. 
    His sentences were, however, suspended till September 9 on furnishing a personal bond of Rs 50,000. The prosecution had said Bhasin had failed to file his returns and despite repeated notices, he did not respond. 
    Bhasin in his statement to the court, however, claimed that he has certain refunds due from the IT department. The court, however, noted, "From a bare perusal of statement of accused, it appears that he endeavoured to say that he did not file the return of income as certain refunds are due from the IT department," and added, "In my considered opinion, to avail of benefits under the law, one has to be vigilant and not sleep over one's rights. If the accused has any due/refund from the IT department, he ought to have taken appropriate remedy available as per law. In view of the same, nonfiling of return deems to be admitted by him."