Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Dishonour of a cheque returned with the endorsement "Insufficient Funds" attracts the statutory presumptions and shifts the onus to the drawer to rebut that insufficiency; where return reasons allege invalidity or presentation after validity period due to merger/acquisition of the drawee bank, court may examine compliance with the proviso to Section 138 and attendant facts before quashing. Blank signed cheque filled by payee still draws the presumption of genuineness. When return remarks show only insufficiency, factual adjudication at trial is required; accordingly the applications to quash the Section 138 complaints were dismissed.
Dishonour of a cheque returned with the endorsement "Insufficient Funds" attracts the statutory presumptions and shifts the onus to the drawer to rebut that insufficiency; where return reasons allege invalidity or presentation after validity period due to merger/acquisition of the drawee bank, court may examine compliance with the proviso to Section 138 and attendant facts before quashing. Blank signed cheque filled by payee still draws the presumption of genuineness. When return remarks show only insufficiency, factual adjudication at trial is required; accordingly the applications to quash the Section 138 complaints were dismissed.
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