Faceless assessment notice must cover specific prejudicial variations; unexplained final additions without notice breach section 144B and natural just...
Page of 4801
Press 'Enter' after typing page number.
4021 to 4040 of 96001 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
NCLAT held that repeated non-deposit of amounts deducted from employees' salaries, which were held in trust for remittance to the employees' co-operative society, attracted fraudulent trading liability under Section 66 of the Code. The appellants admitted the deductions and failed to produce reliable material showing any legitimate use of the funds as working capital. The Tribunal further held that proof of personal gain is not essential for fraud; an act or omission intended to deceive or to injure the interests of the corporate debtor or its creditors is sufficient. The finding of liability and the direction for contribution were affirmed.
NCLAT held that repeated non-deposit of amounts deducted from employees' salaries, which were held in trust for remittance to the employees' co-operative society, attracted fraudulent trading liability under Section 66 of the Code. The appellants admitted the deductions and failed to produce reliable material showing any legitimate use of the funds as working capital. The Tribunal further held that proof of personal gain is not essential for fraud; an act or omission intended to deceive or to injure the interests of the corporate debtor or its creditors is sufficient. The finding of liability and the direction for contribution were affirmed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
