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...
HC ruled in favor of petitioner, quashing criminal proceedings under Negotiable Instruments Act Sections 138/141. Director's unilateral resignation was deemed valid from date of company's receipt, despite non-filing of Form 32 or ROC notification. Court emphasized that filing statutory forms is company secretary's duty, not director's responsibility. Resignation's effectiveness under Companies Act Section 168(2) occurs upon company's receipt or specified date, whichever later. Petitioner's March 14, 2020 resignation (delivered March 16, 2020) preceded dishonored cheque, eliminating vicarious liability. Court held criminal proceedings would constitute judicial process abuse, noting criminal law cannot be tool for settling personal disputes.
HC ruled in favor of petitioner, quashing criminal proceedings under Negotiable Instruments Act Sections 138/141. Director's unilateral resignation was deemed valid from date of company's receipt, despite non-filing of Form 32 or ROC notification. Court emphasized that filing statutory forms is company secretary's duty, not director's responsibility. Resignation's effectiveness under Companies Act Section 168(2) occurs upon company's receipt or specified date, whichever later. Petitioner's March 14, 2020 resignation (delivered March 16, 2020) preceded dishonored cheque, eliminating vicarious liability. Court held criminal proceedings would constitute judicial process abuse, noting criminal law cannot be tool for settling personal disputes.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
