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Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
Transfer of outstanding family loan balances to the proprietor's capital account was treated as a mere reclassification of existing credits, because no fresh cash was introduced in the year; section 68 therefore did not apply, and the addition was deleted. The Tribunal also found no evidence that the family creditors had waived recovery, so there was no cessation of liability to trigger section 41(1). On the separate entry for TDS and self-assessment tax, the movement was only a book adjustment with no undisclosed source shown and no deduction claimed, so neither section 41(1) nor section 68 was attracted. The additions were upheld as deleted.
Transfer of outstanding family loan balances to the proprietor's capital account was treated as a mere reclassification of existing credits, because no fresh cash was introduced in the year; section 68 therefore did not apply, and the addition was deleted. The Tribunal also found no evidence that the family creditors had waived recovery, so there was no cessation of liability to trigger section 41(1). On the separate entry for TDS and self-assessment tax, the movement was only a book adjustment with no undisclosed source shown and no deduction claimed, so neither section 41(1) nor section 68 was attracted. The additions were upheld as deleted.
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