Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
In this case, the High Court addressed the issue of dishonour of a cheque u/s 138 of the N.I. Act. The accused issued a cheque in discharge of a debt but failed to pay the amount within 15 days of receiving a demand notice. The court applied the presumption u/s 118 and 139 of the N.I. Act, which states that every negotiable instrument is presumed to be made for consideration and that the holder received the cheque for the discharge of debt. The accused did not dispute the cheque or his signature, failing to rebut the statutory presumption. The court found no merit in the revision petition and dismissed it. The accused's failure to provide evidence led to disbelief in his claims.
In this case, the High Court addressed the issue of dishonour of a cheque u/s 138 of the N.I. Act. The accused issued a cheque in discharge of a debt but failed to pay the amount within 15 days of receiving a demand notice. The court applied the presumption u/s 118 and 139 of the N.I. Act, which states that every negotiable instrument is presumed to be made for consideration and that the holder received the cheque for the discharge of debt. The accused did not dispute the cheque or his signature, failing to rebut the statutory presumption. The court found no merit in the revision petition and dismissed it. The accused's failure to provide evidence led to disbelief in his claims.
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TaxTMI 
TaxTMI 
of 4915 
