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...
Respondent No.1 & 2 directed to initiate action under Chapter XIV of Companies Act, 2013 against respondent No.3 and sister group companies for manipulating records and siphoning funds to shell companies. Court finds inaction by respondents No.1 & 2 unfathomable despite information about financial affairs. Imperative to exercise statutory duties in arresting pilferage, safeguard interests of petitioner and others. Respondents No.1 & 2 conjointly directed to inspect affairs of respondent No.3 and related companies as per IRP reports, ensure compliance u/ss 206 to 210, submit Inspection Report within four weeks. Matter re-notified for hearing.
Respondent No.1 & 2 directed to initiate action under Chapter XIV of Companies Act, 2013 against respondent No.3 and sister group companies for manipulating records and siphoning funds to shell companies. Court finds inaction by respondents No.1 & 2 unfathomable despite information about financial affairs. Imperative to exercise statutory duties in arresting pilferage, safeguard interests of petitioner and others. Respondents No.1 & 2 conjointly directed to inspect affairs of respondent No.3 and related companies as per IRP reports, ensure compliance u/ss 206 to 210, submit Inspection Report within four weeks. Matter re-notified for hearing.
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TaxTMI 
TaxTMI 
of 4915 
