Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
Captive power transfer pricing and non-resident export commission rules support deletion of adjustments and withholding disallowance in discussed proc...
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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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