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What is the punishment prescribed on conviction of any offence under the MGL?
Team SoOLEGAL | 01/01/1970

The scheme of punishment provided in section 73(1) is as follows:

 

Offence involving--

Punishment (Imprisonment extending to--)

Tax    evaded     exceeding

Rs.250 lakh

5 years and fine

Taxevadedbetween Rs.50 lakh and Rs.250 lakh

3 years and fine

Taxevadedbetween Rs.25 lakh and Rs.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.

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