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 allowed the approval of the New Board's decision to collapse/unwind transactions whereby IFIN provided loans to third parties, except for certain respondents (8-12). The NCLAT set aside the IRP's rejection of IFIN's claim in the CIRP of Attivo Economic Zone (Mumbai) Pvt. Ltd., restoring IFIN's status. The NCLAT held that collapsing agreements with respondents 8-12 required deeper consideration as SIFL claimed the amounts were given by SIFL, not third-party borrowers. The appropriate forum to examine these transactions is the pending NCLT proceedings.
The NCLAT allowed the approval of the New Board's decision to collapse/unwind transactions whereby IFIN provided loans to third parties, except for certain respondents (8-12). The NCLAT set aside the IRP's rejection of IFIN's claim in the CIRP of Attivo Economic Zone (Mumbai) Pvt. Ltd., restoring IFIN's status. The NCLAT held that collapsing agreements with respondents 8-12 required deeper consideration as SIFL claimed the amounts were given by SIFL, not third-party borrowers. The appropriate forum to examine these transactions is the pending NCLT proceedings.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
