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 National Company Law Appellate Tribunal held that the Section 7 application filed by the Financial Creditor was hopelessly barred by limitation and dismissed it. The cause of action for refund of investment arose on 16.12.2010 as per the agreement, and the limitation period of three years expired on 15.12.2013. The Corporate Debtor had refunded the amount of Rs. 1.7 crores to the Financial Creditor through third parties, and the Financial Creditor's long silence indicated satisfaction of the refund of Rs. 3 crores. The Tribunal found no grounds to invoke Section 65 of the IBC for imposing penalty on the Financial Creditor as the Corporate Debtor did not plead that the proceedings were initiated maliciously or with fraudulent intent. The appeal was allowed.
The National Company Law Appellate Tribunal held that the Section 7 application filed by the Financial Creditor was hopelessly barred by limitation and dismissed it. The cause of action for refund of investment arose on 16.12.2010 as per the agreement, and the limitation period of three years expired on 15.12.2013. The Corporate Debtor had refunded the amount of Rs. 1.7 crores to the Financial Creditor through third parties, and the Financial Creditor's long silence indicated satisfaction of the refund of Rs. 3 crores. The Tribunal found no grounds to invoke Section 65 of the IBC for imposing penalty on the Financial Creditor as the Corporate Debtor did not plead that the proceedings were initiated maliciously or with fraudulent intent. The appeal was allowed.
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TaxTMI 
TaxTMI 
of 4915 
