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1 - 4 of 4 (0.21 seconds)Bengal Silk Mills Co. vs Ismail Golam Hossain Ariff on 17 April, 1961
Paragraph 11 of the Division Bench judgment relied upon by the
appellant refers to an acknowledgement of debt to be distinct from a
promise to pay the debt and an acknowledgement in the balance-sheet
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being regarded as an acknowledgement within the meaning of Section 19
of the Limitation Act, 1908. It is evident from paragraph 3 of the report
that the creditor's name appeared in the relevant balance-sheets and the
Court observed that each of the acknowledgements amounted to an
"admission that a certain sum was a debt owing by the company as on
November 30 of the preceding year." The ratio in that case was not that
when the balance-sheet of a company revealed that debts were due to
creditors in general without indicating any creditor in particular, all
creditors could cite the same as an acknowledgement for the purpose of
saving limitation.
Section 41 in The Income Tax Act, 1961 [Entire Act]
Section 18 in The Limitation Act, 1963 [Entire Act]
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