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 BankruptcySeptember 20, 2023Case LawsAT
CIRP - Application filed u/s 7 of IBC dismissed on the ground of time limitation - After perusing the relevant balance sheets and director’s report, it is satisfied that balance sheets contain an acknowledgement of debt and the mere fact that details of litigation emanating from the loan and subsequent events are mentioned in the notes to the account and the director’s report does not denude the value of the balance sheets for purposes of Section 18 of the Limitation Act. - NCLT wongly dismissed the application - AT
CIRP - Application filed u/s 7 of IBC dismissed on the ground of time limitation - After perusing the relevant balance sheets and director’s report, it is satisfied that balance sheets contain an acknowledgement of debt and the mere fact that details of litigation emanating from the loan and subsequent events are mentioned in the notes to the account and the director’s report does not denude the value of the balance sheets for purposes of Section 18 of the Limitation Act. - NCLT wongly dismissed the application - AT
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TaxTMI 
TaxTMI 
of 4916 
