Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
The HC upheld the conviction under Section 138 of the NI Act for dishonour of a cheque due to insufficient funds. The accused did not dispute the signature but claimed the cheque was security for a loan; however, the court held the presumption of discharge of legal liability stood unrebutted. The accused, as principal debtor, was liable, and action against the guarantor was unnecessary. The complainant proved issuance, dishonour, notice, and non-payment beyond reasonable doubt. The sentence of three months' imprisonment and Rs. 20,000/- compensation on a principal amount of Rs. 60,000/- was deemed appropriate and not excessive. The revision petition was dismissed, affirming the trial court's findings and sentencing.
The HC upheld the conviction under Section 138 of the NI Act for dishonour of a cheque due to insufficient funds. The accused did not dispute the signature but claimed the cheque was security for a loan; however, the court held the presumption of discharge of legal liability stood unrebutted. The accused, as principal debtor, was liable, and action against the guarantor was unnecessary. The complainant proved issuance, dishonour, notice, and non-payment beyond reasonable doubt. The sentence of three months' imprisonment and Rs. 20,000/- compensation on a principal amount of Rs. 60,000/- was deemed appropriate and not excessive. The revision petition was dismissed, affirming the trial court's findings and sentencing.
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