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Chapter EM4830

Cited authorities 1 Cited in Related
Vincent
Published date12 April 2016
Record NumberEM4830

TMA70/S108

The duty of delivering a correct return can only be done by the secretary, or any officer or agent of the company authorised to perform the duty, but the company is liable to the penalty. Often enquiries into the private wealth of directors result in the discovery that company profits have been incorrectly stated in a return or accounts. If such a contention is accepted, or is upheld on appeal, there has clearly been an understatement of company profits due to fraud or negligence, and as the company can only act through its officers the company is liable the penalty.

In a non-tax case (Rex v ICR Haulage Ltd, (1944) 1.All ER 691) the facts proved were held sufficient to justify a finding that acts of the managing director were acts of the company and that his fraud was fraud by the company, and the same principle would apply in relation...

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