Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
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 4823 
Join Channel 
