https://www.taxtmi.com/caselaws?id=251557 A nominee director who was not shown to be involved in the company's day-to-day affairs could not be fastened with criminal liability on the basis of only general averments that all directors were in charge of the business. The material indicated that such a director was appointed to protect the financing corporation's interests and, under the governing statute, was not intended to incur liability for company acts. The later tax amendment deeming credit to an interest payable account as credit to the payee created a fresh obligation and could not be applied retrospectively to assessment year 1984-85. In light of the subsequent amendment to the penal provision, mere failure to deduct tax was no longer sufficient to sustain prosecution. en-us Tue, 05 Aug 2014 00:00:00 +0530 Thu, 18 Sep 2014 10:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251557 A nominee director who was not shown to be involved in the company's day-to-day affairs could not be fastened with criminal liability on the basis of only general averments that all directors were in charge of the business. The material indicated that such a director was appointed to protect the financing corporation's interests and, under the governing statute, was not intended to incur liability for company acts. The later tax amendment deeming credit to an interest payable account as credit to the payee created a fresh obligation and could not be applied retrospectively to assessment year 1984-85. In light of the subsequent amendment to the penal provision, mere failure to deduct tax was no longer sufficient to sustain prosecution. Case-Laws Income Tax Tue, 05 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251557