Penalty for fraudulent instruments: issuer liable up to the instrument's face value when it is used to discharge duty. A new section 114AB penalises obtaining an instrument by fraud, collusion, wilful misstatement or suppression of facts; where such an instrument is used ... Summary
Penalty for fraudulent instruments: issuer liable up to the instrument's face value when it is used to discharge duty.
A new section 114AB penalises obtaining an instrument by fraud, collusion, wilful misstatement or suppression of facts; where such an instrument is used to discharge duty the person to whom it was issued is liable to a penalty not exceeding the instrument's face value. The term "instrument" is to be read as per Explanation 1 to section 28AAA.
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