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...
Initiation of CIRP - Existence of a financial debt - Assignment of debt- The Appellate Tribunal (NCLAT) upheld the Adjudicating Authority’s findings, agreeing that: The evidence did not conclusively prove the existence of a financial debt as defined under the Insolvency and Bankruptcy Code (IBC). The assignment of alleged receivables to the Appellant did not convert them into a financial debt because the transfer was on an “as is where is” basis without warranties of their recoverability or acknowledgment as debt by the Respondent.
Initiation of CIRP - Existence of a financial debt - Assignment of debt- The Appellate Tribunal (NCLAT) upheld the Adjudicating Authority’s findings, agreeing that: The evidence did not conclusively prove the existence of a financial debt as defined under the Insolvency and Bankruptcy Code (IBC). The assignment of alleged receivables to the Appellant did not convert them into a financial debt because the transfer was on an “as is where is” basis without warranties of their recoverability or acknowledgment as debt by the Respondent.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
