Tax Updates - Daily Update

Admitted execution of a cheque triggers presumptions of consideration and legally enforceable liability; the drawer must rebut them through a probable defence on a preponderance of probabilities. Inconsistent claims that the cheque was lost or stolen, unsupported challenges to the payee's financial capacity, and non-disclosure of a cash loan in accounts or income-tax returns did...

Admission of the drawer's cheque signature triggers presumptions of consideration and discharge of debt, rebuttable on a preponderance of probabilities; an uncorroborated lost-cheque claim supported only by a General Diary entry and stop-payment instructions does not suffice. Lack of loan documentation or tax disclosure does not by itself invalidate a modest hand loan absent a t...

Retrospective withdrawal of net SGST reimbursement under IPR 2015 was invalidated as arbitrary, discriminatory and unconstitutional insofar as it affected projects that had invested and commenced production in reliance on the scheme. A policy-review power permitted prospective modification but did not support retrospective deprivation without material showing overriding public i...

Reasoned adjudicatory orders imposing or affirming FEMA penalties must disclose the evidence and reasons supporting liability. Where the Tribunal accepted the company's explanation for seized Indian and foreign currency, it had to address any further evidence justifying penalties against the appellant; reasons could not be inferred merely from factual narration. The High Court s...

Authorised Representatives must obtain prior creditor-class instructions before concurring to resolution-plan timeline extensions under Section 25A(3); procedural character or time sensitivity does not excuse unilateral concurrence. They must also contemporaneously record consultations, including the date, participation or representative character, and views expressed. Emails ma...