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Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
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.
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