Failure to disclose the amount in Income Tax Return may be sufficient to rebut the presumption under Section 139 NI Act: High Court of Telangana.
The Court further observed that in the instant case the amount spent by the complainant was not shown in his income tax returns and the trial Court has rightly held that it creates a doubt regarding the financial position of the appellant and if he really spent that much amount, there must be record for him for withdrawal of amount from his bank account and spending the same.
