Revenue classification: agricultural land treated as capital asset under s.2(14)(iii)(b); consideration fixed at Rs.1,00,44,000; s.54F exemption allow...
Appeal allowed, exemption under section 11 restored for not-for-profit company under section 12A carrying out charitable activities including micro-fi...
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The HC dismissed the writ petition and upheld the revisional court's order, holding that the magistrate lawfully proceeded under the procedural mandate for complaint verification and issuance of process. The court found no perversity or jurisdictional error in retaining criminal proceedings for dishonour of cheque where a signed cheque can constitute a new, legally enforceable promise notwithstanding an earlier time-barred transaction under the Limitation Act, by operation of Section 25(3) of the Indian Contract Act; past consideration may validate such promise. Questions as to whether the underlying debt is time-barred are factual mixed issues for trial; interference under Section 482 CrPC was not warranted, and the petition was dismissed.
The HC dismissed the writ petition and upheld the revisional court's order, holding that the magistrate lawfully proceeded under the procedural mandate for complaint verification and issuance of process. The court found no perversity or jurisdictional error in retaining criminal proceedings for dishonour of cheque where a signed cheque can constitute a new, legally enforceable promise notwithstanding an earlier time-barred transaction under the Limitation Act, by operation of Section 25(3) of the Indian Contract Act; past consideration may validate such promise. Questions as to whether the underlying debt is time-barred are factual mixed issues for trial; interference under Section 482 CrPC was not warranted, and the petition was dismissed.
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