Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
Page of 4786
Press 'Enter' after typing page number.
241 to 260 of 95715 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
HC ruled that a Managing Director cannot be held vicariously liable under Section 138 of Negotiable Instruments Act for a dishonored cheque that was not drawn by their company. While the petitioner, as MD of Kwality Ltd, handed over the dishonored cheque to the complainant, the cheque was actually drawn by DRTPL and signed by its director. The court clarified that Section 138 liability attaches to the drawer of the cheque and their company's responsible officers, not to third parties who merely deliver the instrument. Since the petitioner was not a director of DRTPL (the drawer company), merely delivering the cheque did not create liability under Section 138. Petition allowed.
HC ruled that a Managing Director cannot be held vicariously liable under Section 138 of Negotiable Instruments Act for a dishonored cheque that was not drawn by their company. While the petitioner, as MD of Kwality Ltd, handed over the dishonored cheque to the complainant, the cheque was actually drawn by DRTPL and signed by its director. The court clarified that Section 138 liability attaches to the drawer of the cheque and their company's responsible officers, not to third parties who merely deliver the instrument. Since the petitioner was not a director of DRTPL (the drawer company), merely delivering the cheque did not create liability under Section 138. Petition allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4786
Join Channel
TaxTMI 
