Pre-trial bail granted where custodial period, documentary prosecution, and magistrate-triable offence favor release subject to surety and no witness ...
Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
Discharge of surety by variation in the principal contract operates prospectively: under Section 133 a surety is discharged only as to transactions subsequent to an unauthorised variance, while Section 139 applies only where the creditor's act or omission is inconsistent with the surety's rights and impairs the surety's eventual remedy. Applying these principles, the sureties guaranteed liability up to the originally sanctioned cash credit limit and are discharged only for excess overdrafts occurring thereafter; there was no impairment of remedy, so Section 139 does not apply and liability remains limited to the sanctioned amount with interest.
Discharge of surety by variation in the principal contract operates prospectively: under Section 133 a surety is discharged only as to transactions subsequent to an unauthorised variance, while Section 139 applies only where the creditor's act or omission is inconsistent with the surety's rights and impairs the surety's eventual remedy. Applying these principles, the sureties guaranteed liability up to the originally sanctioned cash credit limit and are discharged only for excess overdrafts occurring thereafter; there was no impairment of remedy, so Section 139 does not apply and liability remains limited to the sanctioned amount with interest.
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