Amendment status not verified — confirm the current text below against the official source.
Offences by Companies • (!) 'Where an offence under this Act, has been committed by any company, every person who at the time the offence was committed was in charge of and was responsible to such company for the conduct of the business of the company as well as the company, shall be deemed to be guilty of the offence and shal I be liable to be proceeded against and punished accordingly: Provided that, nothing contained in th.is sub-section shall render any such person liable to any punishment, if he proves that the offence was committed without his knowledge or that he bad exercised all due diligence to prevent the commission of such offence. (2) Notwithstanding anything contained in sub-section ( 1 ), where any offence under Ibis Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance or is attributable to any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly. Explanation: For the purposes of this section. - (a) "company" means any body corporate and includes a foreign company. firm or other association of individuals; and (b) "director" in relation to a firm means a partner in the firm 21 Offences and penalties - Any assessee who. withour sufficient cause, farts to comply with any of the provisions oft.he Act or· the rules made thereunder shall, on convicuon, be punished with fine which shall not be less than five hundred rupees but shall not exceed five thousand rupees, and when the offence is a continuing one, with fine which shall not be less than ten rupees but shall not exceed twenty rupees per day during the period of the continuance of the offence. Provided that, the prescribed authority shall first apply such excess towards the recovery of any amount due in respect .of which a notice under section 9 bas been served, and sbaU then refund the balance, if any. 30