Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
The HC dismissed the revision petition challenging conviction under Section 138 of the Negotiable Instruments Act. The accused admitted signing the dishonoured cheque but failed to rebut the statutory presumption under Sections 118(a) and 139 that it was issued to discharge legal liability. The court held that even security cheques attract criminal liability when dishonoured. The accused's defence lacked credible evidence, and proper notice was served as evidenced by acknowledgment bearing his signatures. The trial court's compensation award of Rs. 3,44,000 (double the cheque amount) was upheld, considering eight-year litigation delay, interest loss, and legal expenses. The HC affirmed that revisional jurisdiction cannot reappreciate evidence absent patent illegality or perversity, upholding concurrent findings below.
The HC dismissed the revision petition challenging conviction under Section 138 of the Negotiable Instruments Act. The accused admitted signing the dishonoured cheque but failed to rebut the statutory presumption under Sections 118(a) and 139 that it was issued to discharge legal liability. The court held that even security cheques attract criminal liability when dishonoured. The accused's defence lacked credible evidence, and proper notice was served as evidenced by acknowledgment bearing his signatures. The trial court's compensation award of Rs. 3,44,000 (double the cheque amount) was upheld, considering eight-year litigation delay, interest loss, and legal expenses. The HC affirmed that revisional jurisdiction cannot reappreciate evidence absent patent illegality or perversity, upholding concurrent findings below.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
