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...
The High Court addressed the issue of the relevant date for adjudicating claims in a liquidation scenario. The Court held that claims should be adjudicated up to the date of the provisional liquidator's appointment, not the final winding-up date. The Bank of Baroda had dual claims, one as a secured creditor and one as a Debenture Trustee. The applicant's claim settlement assertions were found factually incorrect as the Bank was entitled to recover a specific amount. Orders upholding these claims were not challenged and finalized. The Court dismissed the application, finding no errors warranting review.
The High Court addressed the issue of the relevant date for adjudicating claims in a liquidation scenario. The Court held that claims should be adjudicated up to the date of the provisional liquidator's appointment, not the final winding-up date. The Bank of Baroda had dual claims, one as a secured creditor and one as a Debenture Trustee. The applicant's claim settlement assertions were found factually incorrect as the Bank was entitled to recover a specific amount. Orders upholding these claims were not challenged and finalized. The Court dismissed the application, finding no errors warranting review.
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TaxTMI 
TaxTMI 
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