https://www.taxtmi.com/caselaws?id=392232 A cheque dishonour conviction was upheld because the lender was not shown to be carrying on the business of money-lending so as to require registration under the Punjab Registration of Money Lenders Act, 1938. The court held that lending to a few persons was insufficient to make the lender a money-lender in the statutory sense. It also ruled that any breach of Section 269SS of the Income-tax Act, 1961, may attract tax consequences but does not by itself make the underlying debt unenforceable or defeat recovery. Since the borrower admitted receipt of the loan, the statutory presumption under Section 139 of the Negotiable Instruments Act, 1881 remained unrebutted and liability under Section 138 was sustained. en-us Tue, 11 Feb 2020 00:00:00 +0530 Mon, 17 Feb 2020 09:04:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392232 A cheque dishonour conviction was upheld because the lender was not shown to be carrying on the business of money-lending so as to require registration under the Punjab Registration of Money Lenders Act, 1938. The court held that lending to a few persons was insufficient to make the lender a money-lender in the statutory sense. It also ruled that any breach of Section 269SS of the Income-tax Act, 1961, may attract tax consequences but does not by itself make the underlying debt unenforceable or defeat recovery. Since the borrower admitted receipt of the loan, the statutory presumption under Section 139 of the Negotiable Instruments Act, 1881 remained unrebutted and liability under Section 138 was sustained. Case-Laws Indian Laws Tue, 11 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392232