We are a Registered Patnership firm ,and a franchisee of a Company-share Broking company.We could not deposit commission/Brokerages cheques for a year and deposited all the cheques to the Company- Branch office for its revalidation on 29.3.2010.Cheques were totalled amounted Rs.26000.00.We have still not received the same ,even after doing lot of correspondence.
We claimed the income,in our I.T.Return as income and claimed refund for TDS deducted on the said Income and got Refund too.Company is giving commission for doing new business.
Company is asking for-
1.Registered partnership deed duely true certified from the Registrar of Firm,
2.Pan card of both the partners,duely signed by partners.
3.letter from both the partners,that there is no dispute among partners and company will not be laible for any claims a,if it happens,if company will issue the same after revalidation.
We asked company,why it is asking for all the above requirements.Company is giving Commission/brokerage for new business done,without any issue and without seeking such requirements.We submitted also a duely signed copy of our partnership deed,Id proof and a letter,in which both partners claimed the revaildated warrants and requested to issue the same in our bank account,as they were doing in normal course for all the commission declared.
Can a company can stop the revalidated,earned income and ask all such formalities.Whether,there is time limit for any such case for filling suit in court.