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...
Insolvency and BankruptcyDecember 17, 2021Case LawsAT
Initiation of CIRP - NCLT admitted the application - Operational creditors - The pivotal plea taken on behalf of the Appellant is that the obligation of the ‘Corporate Debtor’ was to perform the export of goods and the liability arises when the ‘Contract’ was terminated on 30.04.2020 and when the ‘Corporate Debtor’ was directed to return the money. As such, the 1st Respondent cannot bring a default early to the date of 30.04.2020. - Appeal allowed - AT
Initiation of CIRP - NCLT admitted the application - Operational creditors - The pivotal plea taken on behalf of the Appellant is that the obligation of the ‘Corporate Debtor’ was to perform the export of goods and the liability arises when the ‘Contract’ was terminated on 30.04.2020 and when the ‘Corporate Debtor’ was directed to return the money. As such, the 1st Respondent cannot bring a default early to the date of 30.04.2020. - Appeal allowed - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
