Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
SC allowed the appeal, set aside the High Court order of acquittal, and restored the concurrent findings of the Trial Court and Sessions Court convicting the Accused under section 138 NI Act; the Accused was directed to remit Rs. 7,50,000 by fifteen equal monthly instalments of Rs. 50,000. The Court affirmed the applicability of presumptions under ss. 118 and 139 NI Act once cheque execution is admitted, held those presumptions rebuttable but not displaced on the record here, rejected the defence of a signed blank cheque and the contention of the Complainant's alleged incapacity to advance loan for want of evidence, and observed scope for compounding or pleading in mitigation.
SC allowed the appeal, set aside the High Court order of acquittal, and restored the concurrent findings of the Trial Court and Sessions Court convicting the Accused under section 138 NI Act; the Accused was directed to remit Rs. 7,50,000 by fifteen equal monthly instalments of Rs. 50,000. The Court affirmed the applicability of presumptions under ss. 118 and 139 NI Act once cheque execution is admitted, held those presumptions rebuttable but not displaced on the record here, rejected the defence of a signed blank cheque and the contention of the Complainant's alleged incapacity to advance loan for want of evidence, and observed scope for compounding or pleading in mitigation.
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TaxTMI 
TaxTMI 
of 4916 
