Prosecution in Case of Failure


Prosecution in Case of Failure

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Prosecution in case of failure to produce accounts and documents [Section 276D]

Prosecution in case of failure to produce accounts and documents [Section 276D] [W.e.f. 1-10-2014]

The existing provisions of section 276D provide that if a person willfully fails to produce accounts and documents as required in any notice issued under section 142(1) or willfully fails to comply with a direction issued to him under section 142(2A), he shall be punishable with rigorous imprisonment for a term which mayextend to one year or with fine equal to a sum calculated at a rate which shall not be less than ` 4 or more than ` 10 for every day during which the default continues, or with both.

The Finance (No. 2) Act, 2014 has amended section 276D so as to provide that if a person willfully fails to produce accounts and documents as required in any notice issued under section 142(1) or willfully fails to comply with a direction issued to him under section 142(2A), he shall be punishable with rigorous imprisonment for a term which may extend to one year and with fine.BACK

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