In complaints under S. 138,
courts had to presume that the cheque had been issued for a
debt or liability. Such a presumption is rebuttable. However,
the burden of proving that is on the accused.
Direct lending of securities
attracts taxes. It needs to be permitted without tax implications,
especially when the lender is willing to take the risk just
as in a regular loan deal.
International tax planning
requires a detailed understanding of host, home and intermediary
tax laws and systems, and tax treaties, having regard to the
anti-avoidance rules in various countries.
Wherever the Act contemplated
power of waiver of interest to any authority it has expressly
mentioned it. Power of waiver of interest under s. 234A, 234B
& 234C has not been conferred on the commission.
