Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
Presumption under the Negotiable Instruments Act that a cheque was issued for discharge of debt was drawn in favour of the holder on admission of signature, and the accused failed to rebut the rebuttable presumptions under sections 118 and 139 by only raising a probable defence on preponderance of probabilities; consequently the High Court set aside the magistrate's acquittal and convicted the accused for dishonour of cheque under section 138. The court held that filling of particulars in a signed blank cheque by a third party was immaterial, imposed a fine (with default imprisonment) and directed compensation to the complainant under criminal procedure.
Presumption under the Negotiable Instruments Act that a cheque was issued for discharge of debt was drawn in favour of the holder on admission of signature, and the accused failed to rebut the rebuttable presumptions under sections 118 and 139 by only raising a probable defence on preponderance of probabilities; consequently the High Court set aside the magistrate's acquittal and convicted the accused for dishonour of cheque under section 138. The court held that filling of particulars in a signed blank cheque by a third party was immaterial, imposed a fine (with default imprisonment) and directed compensation to the complainant under criminal procedure.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4813 
Join Channel 
