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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
