Offences by companies

Tax198125 sections

Statutory text

(1) Where an offence under this Act has been com- mitted by a company every person who, at the time when the offence was committed, was in-charge of, and was responsible to the 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 shall be liable to be proceeded against and puniled accordingly : Provided that, nothing contained in this sub-section shall render any such person liable to any punishthent, provided in this Act if he proves that the offence was com- mitted without his knowledge or that he exercised all due diligence to prevent the commission of such offence.
(2) Notwithstanding anything contained in sub-section
- (I) , where an offence under this Act has been committed by a company and it is proved that the offence has been cod- mitted with the consent or connivance of, or is attributable to any neglect on the part of, any director, m-ger, secretary or other officer of the company, such ditector, manager, secretary or other officer shall be liable to be proceeded against and punished accordingly. Explanation.--For the purposes of this section-
- (a) " company " means a body corpora&, a includes a firm or other association of individu&,
- (b) " director " in relation to a firm means a pmei in the firm.

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