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 BankruptcyApril 10, 2024Case LawsAT
CIRP - Rejection of Section 9 Application on the ground of pre-existing dispute - The dispute stemmed from services provided by the Operational Creditor to the Corporate Debtor, for which invoices were raised. However, the Corporate Debtor disputed the claims, citing demurrages imposed by the Principal Contractor. The Corporate Debtor consistently denied the claims made by the Operational Creditor, and this dispute was communicated to the Operational Creditor before the issuance of the Demand Notice under the Code. The Appellate Tribunal upheld the decision of the Adjudicating Authority, emphasizing that the materials on record clearly indicated the existence of a pre-existing dispute.
CIRP - Rejection of Section 9 Application on the ground of pre-existing dispute - The dispute stemmed from services provided by the Operational Creditor to the Corporate Debtor, for which invoices were raised. However, the Corporate Debtor disputed the claims, citing demurrages imposed by the Principal Contractor. The Corporate Debtor consistently denied the claims made by the Operational Creditor, and this dispute was communicated to the Operational Creditor before the issuance of the Demand Notice under the Code. The Appellate Tribunal upheld the decision of the Adjudicating Authority, emphasizing that the materials on record clearly indicated the existence of a pre-existing dispute.
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TaxTMI 
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