Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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The HC allowed the revision, set aside the conviction and sentence under Section 138 NI Act, and quashed the appellate court's affirmance. The courts below had presumed the cheque discharged a legal liability because issuance was undisputed, but that rebuttable presumption was displaced by evidence that the underlying debt was to a differently licensed entity; the cheque payable to the complainant's firm did not legally discharge the debt. Absent a legally enforceable debt, jurisdiction to try and convict under Section 138 was lacking. The revisional jurisdiction properly remedied the jurisdictional error and patent legal defect, warranting acquittal of the accused.
The HC allowed the revision, set aside the conviction and sentence under Section 138 NI Act, and quashed the appellate court's affirmance. The courts below had presumed the cheque discharged a legal liability because issuance was undisputed, but that rebuttable presumption was displaced by evidence that the underlying debt was to a differently licensed entity; the cheque payable to the complainant's firm did not legally discharge the debt. Absent a legally enforceable debt, jurisdiction to try and convict under Section 138 was lacking. The revisional jurisdiction properly remedied the jurisdictional error and patent legal defect, warranting acquittal of the accused.
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