https://www.taxtmi.com/caselaws?id=96716 A balance sheet must fairly and separately disclose liabilities and assets; netting a deposit liability against an isolated advance to a related company concealed the true amount due to depositors and amounted to a false statement in a material particular. The court also treated wilfulness as deliberate, voluntary conduct and held that prior objections, the special treatment of the advance, the directors' benefit, and the absence of a bona fide explanation showed knowledge of falsity. Reliance on accountants or the company auditor did not cure the defective disclosure. The acquittal was set aside, convictions were restored, and the custodial sentences were enhanced while the fines were maintained. en-us Wed, 24 Jun 1936 00:00:00 +0530 Tue, 10 Jan 2012 15:37:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96716 A balance sheet must fairly and separately disclose liabilities and assets; netting a deposit liability against an isolated advance to a related company concealed the true amount due to depositors and amounted to a false statement in a material particular. The court also treated wilfulness as deliberate, voluntary conduct and held that prior objections, the special treatment of the advance, the directors' benefit, and the absence of a bona fide explanation showed knowledge of falsity. Reliance on accountants or the company auditor did not cure the defective disclosure. The acquittal was set aside, convictions were restored, and the custodial sentences were enhanced while the fines were maintained. Case-Laws Companies Law Wed, 24 Jun 1936 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96716