Hyderabad-based company MD sentenced to 3 month RI for evading tax

Also fined Rs 5,000 each under two provisions of the Income Tax Act

The Court of the Special Judge, Economic Offences has sentenced managing director of a Hyderabad-based company to rigorous imprisonment of three months for not depositing tax  with authorities despite deducting from contractors.

Managing Director of Kitty Steels Ltd has also been fined Rs 5,000 each under two provisions of the Income Tax Act.

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 government, a finance ministry statement said.