Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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The HC dismissed the petition and upheld the summoning order, holding that a cheque issued as security may assume the character of a cheque issued in discharge of a legally enforceable debt for purposes of Section 138 once the underlying liability crystallises. The Court found the complainant averred an existing debt when the cheque was presented and that the cheque had been furnished to secure potential losses under the contract; the complainant had quantified an outstanding liability and presented a cheque accordingly. Whether the cheque amount exceeds the legally recoverable debt is a disputed factual issue for trial, and there was no merit to quash the complaint or set aside the summoning order.
The HC dismissed the petition and upheld the summoning order, holding that a cheque issued as security may assume the character of a cheque issued in discharge of a legally enforceable debt for purposes of Section 138 once the underlying liability crystallises. The Court found the complainant averred an existing debt when the cheque was presented and that the cheque had been furnished to secure potential losses under the contract; the complainant had quantified an outstanding liability and presented a cheque accordingly. Whether the cheque amount exceeds the legally recoverable debt is a disputed factual issue for trial, and there was no merit to quash the complaint or set aside the summoning order.
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