legaiiy recovery debt u/s 138 N.I. ACT

chandan (Querist) 27 June 2008 This query is : Resolved
Is unaccounted money (black money)which is not shown in income tsx returns & is given as loan is a lagally recoverable debt u/s 138 N.I.Act?

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Srinivas.B.S.S.T (Expert) 27 June 2008
yes. But i want to make it clear is that in NI act the crux is issuance of a cheque without sufficient funds in the account but not for recovery of money so the point to be considered is whether there is a debt and in the discharge of the same the cheque issued or not.

KamalNayanSaxena (Expert) 28 June 2008
Yes and Under Sec 138 NI Act the source of transaction in lieu of issuane of cheque is immaterial

arunprakaash.m. (Expert) 30 June 2008
Only prof that required under the 138 case there should be legally enforceable debt.

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