Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Non-executive director's vicarious liability u/s 138 of the Negotiable Instruments Act for dishonor of cheques issued by the company examined. Specific averments and evidence required to establish director's active role and responsibility for the offense. Mere designation as Chairman insufficient to attribute day-to-day charge. Complaint lacking necessary averments against petitioner non-executive director quashed to prevent abuse of court process.
Non-executive director's vicarious liability u/s 138 of the Negotiable Instruments Act for dishonor of cheques issued by the company examined. Specific averments and evidence required to establish director's active role and responsibility for the offense. Mere designation as Chairman insufficient to attribute day-to-day charge. Complaint lacking necessary averments against petitioner non-executive director quashed to prevent abuse of court process.
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TaxTMI 
TaxTMI 
of 4916 
