ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
The HC quashed criminal complaints under Section 138 NI Act, holding the impugned cheques were security instruments issued solely to be shown to banks under the parties' MOU and not encashable for any existing legally enforceable liability. The court found the complaints non-maintainable as the cheques' purpose was ascertainable from the document, permitting consideration at the quashing stage. The HC further held that the learned MM at Delhi improperly adopted summons earlier issued by the MM at Bellary after that complaint had been returned, rendering subsequent proceedings non est; fresh summoning was mandatory. Petition dismissed as disposed and impugned summons and complaints quashed.
The HC quashed criminal complaints under Section 138 NI Act, holding the impugned cheques were security instruments issued solely to be shown to banks under the parties' MOU and not encashable for any existing legally enforceable liability. The court found the complaints non-maintainable as the cheques' purpose was ascertainable from the document, permitting consideration at the quashing stage. The HC further held that the learned MM at Delhi improperly adopted summons earlier issued by the MM at Bellary after that complaint had been returned, rendering subsequent proceedings non est; fresh summoning was mandatory. Petition dismissed as disposed and impugned summons and complaints quashed.
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