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 BankruptcyJanuary 6, 2022Case LawsAT
CIRP proceedings - Validity of Sub-lease - Admittedly, the transfer of portion of plot by sub-lease was effected on 27.09.2016 whereas CIRP initiated after more than two years i.e. on 26.11.2018. The RP has no ground to doubt the transaction which is more than two years prior to commencement of CIRP. The association has not raised any plea of fraud in transferring the plot by sub-lease to R-1 and the RP has failed to make out a case that the sub-lease was executed for depriving the rights of homebuyers - there are no substance in the argument of Ld. Counsel for the Appellant that the sub-lease is actuated by fraud, therefore, no limitation has applicable to such transaction. - AT
CIRP proceedings - Validity of Sub-lease - Admittedly, the transfer of portion of plot by sub-lease was effected on 27.09.2016 whereas CIRP initiated after more than two years i.e. on 26.11.2018. The RP has no ground to doubt the transaction which is more than two years prior to commencement of CIRP. The association has not raised any plea of fraud in transferring the plot by sub-lease to R-1 and the RP has failed to make out a case that the sub-lease was executed for depriving the rights of homebuyers - there are no substance in the argument of Ld. Counsel for the Appellant that the sub-lease is actuated by fraud, therefore, no limitation has applicable to such transaction. - AT
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TaxTMI 
TaxTMI 
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