Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: due date for vat payment :: articles on VAT and GST in India :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: form 3cd :: cpt :: Central Excise rule to resale the machines to a new company :: TDS :: empanelment
 
 
« News Headlines »
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax

Dishonoured cheques
July, 03rd 2006

Dismissing seven appeals against the orders of the Karnataka High Court, the Supreme Court has directed the drawers of dishonoured cheques to stand trial under the Negotiable Instruments Act.

They had issued cheques which were rejected for want of sufficient funds. The payees issued notices to them, but all of them returned with notes like party not in town, arrival not known.

When the payees filed criminal complaints, the drawers wanted the high court to quash the charges. But the high court refused to do so. Upholding the high court stand, the Supreme Court said that if the drawers manipulated to get a wrong endorsement on the registered letter, the payee would be left without any remedy. This would be against the spirit of Section 138 of the Act.

The judgement remarked that if failure to serve notice was a valid excuse for the drawer, it would be very easy for an unscrupulous and dishonest drawer of a cheque to make himself scarce for some time after issuing the cheque so that the notice can never be served upon him and consequently he can never be prosecuted.

The judgement, however, noted that the factual background also should be taken into account by the court while deciding each case.

Holograms on liquor bottles

The Supreme Court has dismissed a number of appeals moved by the Uttar Pradesh government against the judgement of the Allahabad High Court striking down the levy of excise duty on seven distilleries.

The excise commissioner had issued a circular providing that every distillery would receive holograms from his office and they should be affixed to the products of the distilleries.

A further circular was issued clarifying that damaged or wasted holograms verified by the authorised committee would not be charged the duty. The dispute started when the committee visited the distilleries and prepared a report that the serial numbers of the holograms did not tally with the wasted/damaged holograms.

The commissioner directed the distilleries to pay the duty. The distilleries moved the high court, which struck down the commissioner's order. It said that the circulars were illegal. The state government appealed to the Supreme Court. Upholding the high court decision, it said that the circulars imposing the levy had no statutory backing and it was not justified in law.

Unsecured creditors

The Supreme Court has ruled that the unsecured creditors of Baranagore Jute Factory, which was in financial straits for nearly two decades, were entitled to payment from the fund presently lying with the registrar of Calcutta high court.

The registrar was directed to effect the payment immediately. The Supreme Court further stated that though the company was in the winding up process at one time, now it is a running concern and therefore the workers could not claim protection of their wages and dues under Section 529-A of the Companies Act.

The provision applies only when the company is wound up and the official liquidator has taken over the assets of the company.

The Supreme Court therefore dismissed the petition of the Bengal Chatkal Mazdoor Union, observing that it is fair and proper that the funds created should be utilised only for the purpose of unsecured creditors and not workers dues and other dues.

M J Antony

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions