Valuable Security - Definition - Law Dictionary Home Dictionary Definition valuable-security

Definition :

Valuable security, certificates the appellant has been found to have forged to get admission in the Arts and Commerce College affiliated to Poona Univer-sity could not be described as 'valuable security' within the meaning of s. 30 of the Indian Penal Code, Shaikh Noor Mohd. Shaikh Fazal v. State of Maharashtra, (1980) 4 SCC 551: AIR 1981 SC 297 (298). [Penal Code (45 of 1860), ss. 30, 465, 467, 471]

The words 'valuable security' denote a document which is, or purports to be, a document whereby any legal right is created, extended, transferred, restricted, extinguished or released, or whereby any person acknowledges that he lies under legal liability, or has not a certain legal right, see also. [Dowry Prohibition Act, 1961 (28 of 1961), s. 2, Expl. II; (English) Penal Code, 1860, s. 30]

The assessment order is certainly a 'document', under s. 29, IPC. The order of assessment does create a right, in the assessee, in the sense that he has a right to pay tax only on the total amount assessed therein and his liability to pay tax is also restricted to that extent. Therefore an 'order' of assessment' is a 'valuable security' under s. 420, IPC. Therefore, if the cheating, employed by the accused, resulted in inducting the Income-tax Officer to make a wrong assessment order, it would amount to inducing the Income-tax Officer, to make a 'valuable security', Ishwarlal Girdharilal Parekh v. State of Maharashtra, AIR 1969 SC 40 (43): (1969) 1 SCR 193. [Indian Penal Code, ss. 420, 29 and 30]

The words 'valuable security' denote a document which is, or purports to be, a document whereby any legal right is created, extended, transferred, restricted, extinguished or released, or whereby any person acknowledges that he lies under legal liability, or has not a certain legal right. (Penal Code, 1860 s. 30)