Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Dishonor of cheque due to insufficient funds - failure to rebut presumption u/s 139 of Negotiable Instruments Act. Court must presume cheque issued in discharge of legal liability, burden on accused to prove contrary. Issuing cheque as security attracts liability u/s 138 as per Supreme Court precedents. Accused admitted receiving notice, cheque dishonored for insufficient funds despite notice of demand. All ingredients of Section 138 satisfied. Compensation of Rs. 2,40,000 not excessive. Revision dismissed.
Dishonor of cheque due to insufficient funds - failure to rebut presumption u/s 139 of Negotiable Instruments Act. Court must presume cheque issued in discharge of legal liability, burden on accused to prove contrary. Issuing cheque as security attracts liability u/s 138 as per Supreme Court precedents. Accused admitted receiving notice, cheque dishonored for insufficient funds despite notice of demand. All ingredients of Section 138 satisfied. Compensation of Rs. 2,40,000 not excessive. Revision dismissed.
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