What is meant by Time Barred Debt?

Please let me know the penalty in case of non compliance of Section 297 in this particular case as mentioned below if any:

X,Y & Z are director in XYZ Ltd as well as in ABC ltd.


(1)If XYZ Ltd had purchased some goods from ABC Ltd on credit on regular basis & make payment through cash & cheque at the prevalling market rates.

(2)If XYZ Ltd had purchased some goods from ABC Ltd on credit on regular basis & make payment through cash & cheque at the prevalling market prices. The amount of contract is of Rs. 3 crores approx.

Please refer some cases for ready reference
Waiting for your early response.

Thanx
Regards
Shyam Gupta

Hi Friends,
Can any one clarify 2 thing

there is 1 section in PF act , that allows Employer to Pay PF only on basic salary + DA of Rs 6500 ( it means there is a Cap of rs 6500 whether the employee is getting higher salary than rs 6500)
employer has to contribute only Rs 780 (6500*12%)
can any one tell me the relevant section ?

& 2nly there is 1 more thing , in PF act , there is one more option is available to Employees , if the employees having the basic salary of more than 15000, then the company can give him the option , whether he want to opt PF act or not to opt
can any one tell me the relevant section ?

waiting for your positive reply

Thanks in advance

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C.A A.K.Maitra

Respected Experts
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