Romesh Sharma, an alleged frontman of underworld don Dawood Ibrahim, was on Friday convicted by a city court for evading Rs 50 crore income tax in a 12-year-old case.
Additional Chief Metropolitan Magistrate Kanwaljeet Arora convicted Sharma for not depositing dues amounting to Rs 50 crores after holding him guilty under section 276-C (2) and 277 of the Income Tax Act.
The court would pronounce the quantum of sentence on Monday.
"The investigating agency, Income Tax Department, has proved the case beyond reasonable doubt against Romesh Sharma. There by I convicted him for these offences under the said Act," the ACMM said in his 19-page Judgement.
After the conviction, Sharma's lawyer Harish Gulati referred to the the maximum punishment for the offences for which Sharma has been convicted and told PTI "Sharma could face a rigorous imprisonment of three years and fine or both in this case."