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...
Invoking and encashing a bank guarantee - Demerger of business - bank guarantee for fulfillment of the duty amount - The High Court acknowledged the limited jurisdiction under Article 226 of the Constitution of India. It stated that it cannot adjudicate on the terms of the demerger or the inter se liability between the petitioner and respondent no. 2. Furthermore, the court recognized the principle that a bank guarantee constitutes an independent contract between the bank and the party in whose favor it is issued. Consequently, the court determined that issues concerning the invocation of the bank guarantee should be addressed in appropriate proceedings dealing with contractual matters.
Invoking and encashing a bank guarantee - Demerger of business - bank guarantee for fulfillment of the duty amount - The High Court acknowledged the limited jurisdiction under Article 226 of the Constitution of India. It stated that it cannot adjudicate on the terms of the demerger or the inter se liability between the petitioner and respondent no. 2. Furthermore, the court recognized the principle that a bank guarantee constitutes an independent contract between the bank and the party in whose favor it is issued. Consequently, the court determined that issues concerning the invocation of the bank guarantee should be addressed in appropriate proceedings dealing with contractual matters.
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TaxTMI 
TaxTMI 
of 4916 
