Q 426. What is the punishment prescribed on conviction of any offence under the MGL?

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Ans.   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 Tax evaded between Rs.50 lakh and Rs.250 lakh 3 years and fine Tax evaded between Rs.25 lakh and Rs.50 lakh 1 years and fine Section 73(2) provides that…

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