The Dangers Of Not Filing IT Returns

AIADMK chief and Tamil Nadu Chief Minister J Jayalalithaa’s political future is now under a cloud, with the Supreme Court ruling that she would have to face trial for not filing her I-T returns as a partner in a firm.

As partners  i n M/s Sasi Enterprises, a registered firm, Jayalalithaa and her close aide N Sasikala were accused of not filing I-T returns for 1991-92 and 1992-93. They will now be prosecuted for the offence under the I-T Act, which mandates a punishment of not less than six months and a maximum of seven years and a fine.

The trial is to be completed within four months, portending trouble for the CM who is expected to be a key player in the post-2014 political scenario.Any conviction would come right after the elections and may possibly even disqualify her from her seat immediately like Lalu . As per an SC ruling on July 10, 2013, any conviction would immediately disqualify an elected member of a House.

Assistant Commissioner of I-T, Chennai, had in 1997 filed a complaint with the Additional Chief Metropolitan Magistrate (Egmore) against the duo for wilful and deliberate failure to file returns for these years. Jaya and Sasikala filed two discharge applications, but these were dismissed by the lower court. The HC also dismissed their appeals on December 2, 2006. Read more of this post