Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
Broker trading-system "technical glitch" redefinition and narrowed incident-reporting regime for large IBT/STWT brokers requiring 2-hr notice and 14-w...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4821 
Join Channel 
