https://www.taxtmi.com/caselaws?id=96557 A balance sheet was treated as materially false where it recorded unrealised and unpaid interest as received profit, thereby conveying a real trading profit that the figures did not support. The alleged under-valuation of bad and doubtful debts was not established as prima facie false because it depended on commercial judgment. On the falsity issue, the managing director and manager were found to know the statement was untrue, the directors who approved the accounts were not excused for lack of banking expertise, and the auditors were not absolved by their certificate that the accounts were true and correct. Prosecution was directed against those prima facie responsible, save one nominal director given the benefit of doubt. en-us Mon, 07 Jul 1930 00:00:00 +0530 Fri, 16 Mar 2012 19:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96557 A balance sheet was treated as materially false where it recorded unrealised and unpaid interest as received profit, thereby conveying a real trading profit that the figures did not support. The alleged under-valuation of bad and doubtful debts was not established as prima facie false because it depended on commercial judgment. On the falsity issue, the managing director and manager were found to know the statement was untrue, the directors who approved the accounts were not excused for lack of banking expertise, and the auditors were not absolved by their certificate that the accounts were true and correct. Prosecution was directed against those prima facie responsible, save one nominal director given the benefit of doubt. Case-Laws Companies Law Mon, 07 Jul 1930 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96557