Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
The court held that the determination of whether cheques were issued for a legally enforceable debt or other liability should be made at trial, not at the initial stage. The court emphasized that the purpose of the NI Act is to promote the use of cheques in business transactions and that the term "debt or other liability" includes both legally enforceable debts and other liabilities. The court noted that the issue of whether a debt is time-barred or legally enforceable, as well as other related matters, should be addressed during trial proceedings. The court declined to dismiss the complaint at that stage and directed the Trial Court to proceed with the case according to the law.
The court held that the determination of whether cheques were issued for a legally enforceable debt or other liability should be made at trial, not at the initial stage. The court emphasized that the purpose of the NI Act is to promote the use of cheques in business transactions and that the term "debt or other liability" includes both legally enforceable debts and other liabilities. The court noted that the issue of whether a debt is time-barred or legally enforceable, as well as other related matters, should be addressed during trial proceedings. The court declined to dismiss the complaint at that stage and directed the Trial Court to proceed with the case according to the law.
Note: It is a system-generated summary and is for quick reference only.