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Section98
The Finance Act, 1992

Insertion of new section 35HA

In force Act 18 of 1992 As on 07 Oct 2026

Act 18 of 1992 Ministry Finance

Section 98 of the Finance Act, 1992 deals with insertion of new section 35HA. Insertion of new section 35HA. 98. After section 35H of the Wealth-tax Act, the following section shall be inserted, with effect from the 1st day of April, 1993, namely: — '35HA.

Insertion of new section 35HA.

98. After section 35H of the Wealth-tax Act, the following section shall be inserted, with effect from the 1st day of April, 1993, namely: —

'35HA. Offences by companies.—(2) Where an offence under this Act has been committed by a company, every person who, at the time 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 shell be liable to be proceeded against and punished accordingly:

Provided that nothing contained in this sub-section shall render any such person liable to any punishment if he proves that the offence was committed without his knowledge or that he bad exercised all due diligence to prevent the commission of such offence.

(2) Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager,' secretary or other officer of the company, such director, manager, secretary or other officer shall be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.

Explanation.—For the purposes of this section,—

(a) "company" means a body corporate, and includes—

(i) a firm; and

(ii) an association of persons or a body of individuals whether incorporated or not; and

(b) "director", in relation to,—

(i) a firm, means a partner in a firm;

(ii) any association of persons or a body of individuals, means any member controlling the affairs thereof.'.

[Finance Act, 1992]

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Section 98, The Finance Act, 1992 (Act 18 of 1992).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. Wealth-tax Act s. 35H Offences by Hindu undivided families

Questions about Section 98

What does Section 98 of the Finance Act deal with?

Section 98 of the Finance Act is headed "Insertion of new section 35HA". Insertion of new section 35HA. 98. After section 35H of the Wealth-tax Act, the following section shall be inserted, with effect from the 1st day of April, 1993, namely: — '35HA.

How do I find court cases under Section 98 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1992 98, section 98 Finance Act 1992, section 98 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 98 of the Finance Act, and has it changed?

Its own text turns on Wealth-tax Act 35H (Offences by Hindu undivided families), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 1992 as Act 18 of 1992. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.