Q 17. What is the punishment prescribed on conviction of any offence under the MGL?
Ans. The scheme of punishment provided in section 73(1) is as follows:
|
Offence involving--
|
Punishment (Imprisonment extending to--)
|
|
Tax evaded exceeding ₹ 250 lakh
|
5 years and fine
|
|
Tax evaded between ₹ 50 lakh and ₹ 250 lakh
|
3 years and fine
|
|
Tax evaded between ₹ 25 lakh and ₹ 50 lakh
|
1 years and fine
|
Section 73(2) provides that a second or any subsequent conviction for an offence in this section shall be punishable with imprisonment for a term that may extend to 5 years and a fine. However, no imprisonment for any of the offences shall be for a period less than six months.
