Congress leader Santosh Lad's kin gets four years jail-term for tax evasion
BENGALURU: The Income Tax Department has convicted businessman and cousin brother of Congress leader Santosh Lad - Vishwas Udaysingh Lad for filing false I-T returns. The Special Court of Economic Offences, Bengaluru on May 26 convicted Vishwas for concealment of income and making false verification in his income tax returns and sentenced him to four years of rigorous imprisonment and a penalty of Rs 2 lakh.
Vishwas is a businessman/industrialist and director in many companies such as Taha Mines and Minerals Pvt Ltd, V.S.L. Steels Ltd, V.S.L. Land Developers and Constructions Pvt Ltd, V.S.L.B. Projects Pvt Ltd., Nestor Infotech Solutions Pvt Ltd, ITONE Consultancy and Training Pvt Ltd and Ashwini Capital Advisors Pvt Ltd. In addition, he is also a partner in many firms and is also carrying out several businesses in his personal account.
According to official sources, Vishwas had concealed cash deposits of Rs 9,62,00,000 made in various branches of Tumkaru, Grain Merchant Cooperative Bank Limited (Society) across Bengaluru as fixed deposits (FDs) during the assessment year 2010-11 and did not declare accrued interest thereon amounting to Rs 69,33,940 for AY 2011-12 to 2013-14.
“Vishwas had made 103 FDs of Rs 9.62 Crore, which were split to less than Rs 10,00,000 each, under three different names - Vishwas, Vishwas U. Lad and Vishwas S/o Uday Singh to hoodwink the Income Department with the sole intent to evade taxes. Prosecution was launched by the Department against Mr. Lad for concealment of accrued interest of Rs 69,33,940 on investment of Rs 9.62 crore,” an officer said.
“Judge Shanthanna Alva M. held the accused guilty of offences punishable under section 276C & 277 of the Income Tax Act, 1961 and awarded a sentence of two years RI for AY 2010-11 and one year RI each for AYs 2011-12 and 2012-13,” the officer added.
Vishwas has been awarded the highest punishment for tax evasion in Karnataka. “The I-T department has initiated an aggressive drive to detect cases of tax evasion by individuals, companies, firms trusts etc. Several such cases of concealment of income and evasion of taxes by such high profile and influential individuals are pending before the Special Court of Economic Offences,” the officer added.
