Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Absence of a separately produced deed of guarantee did not invalidate insolvency proceedings where the record showed the appellant had executed a letter of guarantee, signed the loan agreement as guarantor, and never disputed his status or alleged fraud. The loan agreement recorded his undertaking and liability, which was sufficient to establish him as a personal guarantor and surety to the corporate debtor within the Code. On that basis, the correlated documents satisfied the substantive requirement of a contract of guarantee, and the challenge to admission of the insolvency application failed.
Absence of a separately produced deed of guarantee did not invalidate insolvency proceedings where the record showed the appellant had executed a letter of guarantee, signed the loan agreement as guarantor, and never disputed his status or alleged fraud. The loan agreement recorded his undertaking and liability, which was sufficient to establish him as a personal guarantor and surety to the corporate debtor within the Code. On that basis, the correlated documents satisfied the substantive requirement of a contract of guarantee, and the challenge to admission of the insolvency application failed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
