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 refused to quash proceedings under Section 482 CrPC and dismissed the application challenging a Section 138 NI Act, 1881 complaint. The court held that disputed factual questions-including the cheque presentation date relative to contract termination and alleged part payments under Section 56-cannot be resolved at the threshold and require trial. It affirmed that statutory presumptions under Sections 118 and 139 of the NI Act, 1881 operate mandatorily and cannot be rebutted merely by pleadings; such contentions must be tested by evidence. No illegality, infirmity, or abuse of process was found in continuing the complaint, and the high threshold for exercise of inherent jurisdiction was not met.
The HC refused to quash proceedings under Section 482 CrPC and dismissed the application challenging a Section 138 NI Act, 1881 complaint. The court held that disputed factual questions-including the cheque presentation date relative to contract termination and alleged part payments under Section 56-cannot be resolved at the threshold and require trial. It affirmed that statutory presumptions under Sections 118 and 139 of the NI Act, 1881 operate mandatorily and cannot be rebutted merely by pleadings; such contentions must be tested by evidence. No illegality, infirmity, or abuse of process was found in continuing the complaint, and the high threshold for exercise of inherent jurisdiction was not met.
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