Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
A cheque issued as security in a loan transaction can still attract liability on dishonour if it is presented on default and a legally enforceable debt subsists. The note explains that the presumptions under the Negotiable Instruments Act are rebuttable, but the drawer must raise a probable defence, which may be based on the complainant's own material; absent such defence, the presumption of liability under Section 139 remains intact. It also states that revisional jurisdiction is limited and cannot be used as a second appeal for re-appreciation of evidence. On the facts discussed, the accused admitted the loan, failed to probabilise the security-cheque plea, and no perversity or miscarriage of justice was shown.
A cheque issued as security in a loan transaction can still attract liability on dishonour if it is presented on default and a legally enforceable debt subsists. The note explains that the presumptions under the Negotiable Instruments Act are rebuttable, but the drawer must raise a probable defence, which may be based on the complainant's own material; absent such defence, the presumption of liability under Section 139 remains intact. It also states that revisional jurisdiction is limited and cannot be used as a second appeal for re-appreciation of evidence. On the facts discussed, the accused admitted the loan, failed to probabilise the security-cheque plea, and no perversity or miscarriage of justice was shown.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
