https://www.taxtmi.com/caselaws?id=310550 Delhi HC allowed appeal in dishonour of cheque case. Trial court's finding that cheque was merely security cheque was set aside. Court held that accused failed to rebut presumption under Sections 118 and 139 of NI Act regarding outstanding debt of Rs. 10 lakhs. Despite loan transaction not being documented in agreement or reflected in complainant's income tax returns, it was evidenced by credible independent witness testimony. Cheque was issued in consideration of loan, not as security. Accused found guilty under Section 138 NI Act, matter listed for sentencing. en-us Tue, 02 Aug 2016 00:00:00 +0530 Mon, 30 Oct 2023 20:38:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310550 Delhi HC allowed appeal in dishonour of cheque case. Trial court's finding that cheque was merely security cheque was set aside. Court held that accused failed to rebut presumption under Sections 118 and 139 of NI Act regarding outstanding debt of Rs. 10 lakhs. Despite loan transaction not being documented in agreement or reflected in complainant's income tax returns, it was evidenced by credible independent witness testimony. Cheque was issued in consideration of loan, not as security. Accused found guilty under Section 138 NI Act, matter listed for sentencing. Case-Laws Indian Laws Tue, 02 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310550