https://www.taxtmi.com/caselaws?id=306711 Delayed filing of a statement of affairs under the Companies Act, 1956 may still attract a limited penalty where compliance is eventually made but remains belated. The Court accepted that access to records had been obstructed and that age and health-related difficulties explained the delay, so a harsh view was not warranted. Even so, the admitted delay justified a modest fine rather than complete exoneration. The matter therefore illustrates that mitigating circumstances can reduce, but not necessarily eliminate, penal consequences for late statutory compliance. en-us Thu, 27 Dec 2007 00:00:00 +0530 Mon, 20 Feb 2023 14:44:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306711 Delayed filing of a statement of affairs under the Companies Act, 1956 may still attract a limited penalty where compliance is eventually made but remains belated. The Court accepted that access to records had been obstructed and that age and health-related difficulties explained the delay, so a harsh view was not warranted. Even so, the admitted delay justified a modest fine rather than complete exoneration. The matter therefore illustrates that mitigating circumstances can reduce, but not necessarily eliminate, penal consequences for late statutory compliance. Case-Laws Companies Law Thu, 27 Dec 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306711