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 NCLAT held that the Respondent Bank was entitled to invoke the personal guarantee against the Appellant as the principal borrower had failed to discharge the debt. Once the principal borrower defaults, the liability of the personal guarantor gets triggered. The Bank's officer who filed the Section 95 application was duly authorized under the State Bank of India General Regulations, 1955. The appeal was dismissed.
The NCLAT held that the Respondent Bank was entitled to invoke the personal guarantee against the Appellant as the principal borrower had failed to discharge the debt. Once the principal borrower defaults, the liability of the personal guarantor gets triggered. The Bank's officer who filed the Section 95 application was duly authorized under the State Bank of India General Regulations, 1955. The appeal was dismissed.
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TaxTMI 
TaxTMI 
of 4915 
