False return submitted by Business partner
2 years ago
We 3 persons were in a partnership business with equal rights. One partner was handling all the financial documentations. After 3 years of business I found that there were lot of financial irregularities happened . So we decided to to stop the business. Later I got notice from IT and Sales tax for verification of accounts. Unfortunately the partner was not ready to provide account books for submission. Now the departments have issued penalty and they have freeze my bank account also.
Is it possible for me to provide all the informations to authorities ?
If I provide the informations, I will be liable to pay those additional liabilities?
Is there any way to escape from this trap created by partner?
A.Dear Client,
As per the facts mentioned, you should firstly collect evidence against the partner, then sue for the breach of trust. Generally, a criminal suit will be filed under Sec 420 of IPC, if the partner commits cheating, or acted dishonestly and also under Sec 406 of IPC for criminal breach and also a civil suit for recovery of money and will be arrested and penalized under the respective section.
As per the facts mentioned, you should firstly collect evidence against the partner, then sue for the breach of trust. Generally, a criminal suit will be filed under Sec 420 of IPC, if the partner commits cheating, or acted dishonestly and also under Sec 406 of IPC for criminal breach and also a civil suit for recovery of money and will be arrested and penalized under the respective section.
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