Bizman sentenced to 4 years RI by special court for concealing income

A special court has sentenced industrialist Vishwas Udaysingh Lad to four years rigorous imprisonment and imposed a penalty of Rs 2 lakh on him for concealing income and making "false verification" in income tax returns.

Lad, belonging to a prominent and politically well-connected family, was a director in many companies and a partner in several firms, the Income Tax department said in a release here today.

He was also carrying out several businesses through his personal bank account, it said