https://www.taxtmi.com/caselaws?id=304141 The Supreme Court held that the closure of an account, indicated by the return of a cheque with the endorsement "account closed," falls within the purview of Section 138 of the Negotiable Instruments Act, 1881. The Court emphasized that interpreting Section 138 to include account closure aligns with the legislative intent to maintain credibility in commercial transactions through cheques. The appeal was dismissed, with the Court highlighting the importance of upholding the efficacy of banking operations and preventing misuse of cheques by ensuring penal consequences for dishonest actions. en-us Thu, 29 Apr 1999 00:00:00 +0530 Wed, 12 Oct 2022 10:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304141 The Supreme Court held that the closure of an account, indicated by the return of a cheque with the endorsement "account closed," falls within the purview of Section 138 of the Negotiable Instruments Act, 1881. The Court emphasized that interpreting Section 138 to include account closure aligns with the legislative intent to maintain credibility in commercial transactions through cheques. The appeal was dismissed, with the Court highlighting the importance of upholding the efficacy of banking operations and preventing misuse of cheques by ensuring penal consequences for dishonest actions. Case-Laws Indian Laws Thu, 29 Apr 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304141