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 BankruptcyAugust 3, 2022Case LawsAT
CIRP proceedings - Evidence of debt - documents insufficiently stamped - The Corporate Debtor has, in his reply as above, only raised the issue of these agreements being novated in light of the ‘settlement and larger understanding’ having taken place between the Appellant and the MJS Group. Thus, admittedly, he has not raised the question of execution of the said documents. - the issue of debt being due and payable in the present case is not interdicted by any law but only a technical deficiency of insufficiency of their stamping has been raised which can be cured. - AT
CIRP proceedings - Evidence of debt - documents insufficiently stamped - The Corporate Debtor has, in his reply as above, only raised the issue of these agreements being novated in light of the ‘settlement and larger understanding’ having taken place between the Appellant and the MJS Group. Thus, admittedly, he has not raised the question of execution of the said documents. - the issue of debt being due and payable in the present case is not interdicted by any law but only a technical deficiency of insufficiency of their stamping has been raised which can be cured. - AT
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TaxTMI 
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