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...
Section 7 application filed by the Financial Creditor was erroneously rejected by the Adjudicating Authority despite debt and default by the Corporate Debtor. The assignment agreement did not materialize, and the Corporate Debtor remained liable. The interim injunction order by the Commercial Court had no bearing on the continuance of Section 7 proceedings. The NCLAT held that the Adjudicating Authority should have admitted the Section 7 application and initiated CIRP against the Corporate Debtor. The NCLAT set aside the dismissal order and directed the Adjudicating Authority to admit the Section 7 application within 30 days.
Section 7 application filed by the Financial Creditor was erroneously rejected by the Adjudicating Authority despite debt and default by the Corporate Debtor. The assignment agreement did not materialize, and the Corporate Debtor remained liable. The interim injunction order by the Commercial Court had no bearing on the continuance of Section 7 proceedings. The NCLAT held that the Adjudicating Authority should have admitted the Section 7 application and initiated CIRP against the Corporate Debtor. The NCLAT set aside the dismissal order and directed the Adjudicating Authority to admit the Section 7 application within 30 days.
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TaxTMI 
TaxTMI 
of 4915 
