chque bounce matter

Querist : Anonymous (Querist) 18 January 2011 This query is : Resolved
My friend has given 8 lakh rs as loan to one of her relative. when her relative gave him cheque the cheaque was bounced. problem is. there is no entery of 8 lakh rs in income tax as she does not furnish I.t. does she have chances to win case. reply soon. even if any citation is there.thanks in advance

Follow Query

Report Abuse

Chanchal Nag Chowdhury (Expert) 18 January 2011
If she had given the money by cheque, there should be no problem.I.T. has nothing to do with this. All that she needs to prove u/s 138 of the NI Act is that the cheque was given to her in discharge of a debt by the signatory. The fact that the cheque has been dishonoured (for lack of funds)raises a presumption in her favour.The source of her funds is beyond the jurisdiction of the criminal court.

Ajay Bansal (Expert) 18 January 2011
As per section 139 N.I. act, the case of your friend is not good becouse an amount of Rs. 8 lacs is not so small that it could be proved to be given as a loan without documents of Income-Tax.

Amit Minocha (Expert) 18 January 2011
if loan was given by cheque your friend has very fair chances

Advocate. Arunagiri (Expert) 18 January 2011
You have a case. Even if you have not disclosed the income in the income tax returns, you can prove your case by other available evidences and witness.

tell us what are the available proofs for giving the loan.

Advocate Bhartesh goyal (Expert) 18 January 2011
Problem arises when the loan was given in cash and there subsists no proof of lending money.If your friend had lent money through cheque then no need to worry about Incom Tax Return.

Guest (Expert) 18 January 2011
The N.I. Act does not have any stipulation of Disclosed income under I.T. Act. I agree with the view of Mr.Arunagiri.

Querist : Anonymous (Querist) 18 January 2011

please help by your valuable suggestion.

chque bounce matter

Similar Resolved Queries :

Download LCI APP

Our Network Sites