Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
A cheque issued in connection with a loan transaction may fall within Section 138 of the Negotiable Instruments Act even if described in the agreement as a security cheque, where the loan has already been disbursed and repayment becomes due on default. The court found that the cheques were presented only after the agreed repayment period expired and that the agreement authorised presentation on non-payment. Applying Sampelly Satyanarayana Rao and Sripati Singh, it held that a security cheque matures for presentation on default when it is linked to an existing legally enforceable debt. The appellate court's contrary view was rejected, the acquittal was set aside, and the conviction and sentence were restored.
A cheque issued in connection with a loan transaction may fall within Section 138 of the Negotiable Instruments Act even if described in the agreement as a security cheque, where the loan has already been disbursed and repayment becomes due on default. The court found that the cheques were presented only after the agreed repayment period expired and that the agreement authorised presentation on non-payment. Applying Sampelly Satyanarayana Rao and Sripati Singh, it held that a security cheque matures for presentation on default when it is linked to an existing legally enforceable debt. The appellate court's contrary view was rejected, the acquittal was set aside, and the conviction and sentence were restored.
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