https://www.taxtmi.com/caselaws?id=5369 The Supreme Court upheld the prosecution of a managing director under sections 277 and 278 of the Income-tax Act, rejecting arguments that managing directors were not liable under the Act. The Court clarified that the term "person" in section 277 included individuals like managing directors who verified false declarations. Additionally, the Court affirmed that managing directors were considered principal officers when signing tax returns, emphasizing their statutory obligations. The Court also clarified that the Taxation Laws (Amendment) Act of 1975 did not exempt managing directors from liability, expanding the scope of individuals liable for company offenses. en-us Wed, 29 Apr 1992 00:00:00 +0530 Wed, 20 Jul 2022 14:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5369 The Supreme Court upheld the prosecution of a managing director under sections 277 and 278 of the Income-tax Act, rejecting arguments that managing directors were not liable under the Act. The Court clarified that the term "person" in section 277 included individuals like managing directors who verified false declarations. Additionally, the Court affirmed that managing directors were considered principal officers when signing tax returns, emphasizing their statutory obligations. The Court also clarified that the Taxation Laws (Amendment) Act of 1975 did not exempt managing directors from liability, expanding the scope of individuals liable for company offenses. Case-Laws Income Tax Wed, 29 Apr 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5369