Reasonable Cause for Late Return: penalty under section 271(1)(c) unsustainable where disclosure, audit filing and voluntary offer showed no concealme...
Proceeds of crime and property equivalent in value: failure to explain lawful source sustains attachment; lack of required notice can vitiate confirma...
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Whether erstwhile directors can be proceeded against under Section 138 N.I. Act where CIRP and IRP appointment preceded completion of the offence: applying Section 17 IBC and precedent, once IRP is appointed and moratorium imposed the board's powers and control over bank accounts vest with the IRP, so erstwhile directors are not "in charge" and lack authority to prevent cheque dishonour; therefore criminal liability under Section 138 cannot be fastened on them. Consequence: impugned summoning order quashed and complaint dismissed. - HC
Whether erstwhile directors can be proceeded against under Section 138 N.I. Act where CIRP and IRP appointment preceded completion of the offence: applying Section 17 IBC and precedent, once IRP is appointed and moratorium imposed the board's powers and control over bank accounts vest with the IRP, so erstwhile directors are not "in charge" and lack authority to prevent cheque dishonour; therefore criminal liability under Section 138 cannot be fastened on them. Consequence: impugned summoning order quashed and complaint dismissed. - HC
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