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)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
The HC affirmed the trial court's finding that the accused successfully rebutted the statutory presumption under Sections 118 and 139 of the N.I. Act on the preponderance of probabilities, not beyond reasonable doubt, and therefore could not be convicted under Section 138. The evidence, including bank testimony about issuance of the cheque from the predecessor bank and the timing discrepancies in the complainant's pleadings and cross-examination, created a probable defence and undermined the complainant's case. On the totality of evidence the HC held the accused's version more probable, dismissed the appeal and upheld acquittal/no conviction under Section 138 of the N.I. Act.
The HC affirmed the trial court's finding that the accused successfully rebutted the statutory presumption under Sections 118 and 139 of the N.I. Act on the preponderance of probabilities, not beyond reasonable doubt, and therefore could not be convicted under Section 138. The evidence, including bank testimony about issuance of the cheque from the predecessor bank and the timing discrepancies in the complainant's pleadings and cross-examination, created a probable defence and undermined the complainant's case. On the totality of evidence the HC held the accused's version more probable, dismissed the appeal and upheld acquittal/no conviction under Section 138 of the N.I. Act.
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