Transfer pricing comparables and adjustments: Tribunal revisits loss-maker status, segmental comparability, working capital relief, and risk allocatio...
Business expenditure disallowance failed where commission, related-party salary and promotion payments were supported by records and inquiry was inade...
Pertaining to a challenge against conviction and sentence u/s 138 of the Negotiable Instruments Act, the court observed that the petitioner's defense of repaying the loan amount in cash without acknowledgment was rightly rejected by the lower courts. The petitioner failed to provide cogent evidence to discharge the presumption against him u/s 139 of the NI Act read with Section 118 of the Evidence Act. The objection regarding the loan being taken in cash, violating the Income Tax Act, does not absolve the petitioner's liability u/s 138. The revision petition lacked merit for interference with the conviction and sentence, leading to its dismissal.
Pertaining to a challenge against conviction and sentence u/s 138 of the Negotiable Instruments Act, the court observed that the petitioner's defense of repaying the loan amount in cash without acknowledgment was rightly rejected by the lower courts. The petitioner failed to provide cogent evidence to discharge the presumption against him u/s 139 of the NI Act read with Section 118 of the Evidence Act. The objection regarding the loan being taken in cash, violating the Income Tax Act, does not absolve the petitioner's liability u/s 138. The revision petition lacked merit for interference with the conviction and sentence, leading to its dismissal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4824 
Join Channel 
