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...
NCLAT held that fund infusion by appellant into corporate debtor qualified as financial debt under IBC Section 5(8), despite absence of explicit interest clause. Following Orator judgment, tribunal confirmed that interest-free loans aren't excluded from financial debt definition. Time value of money was evidenced through commercial benefits and enhanced economic prospects expected by appellant. Tribunal found error in lower authority's characterization of transaction as mere business arrangement. Matter remanded to adjudicating authority to determine if default threshold met for Section 7 admission. Key amount claimed in default: Rs.42,47,32,067 including interest on principal loan of Rs.39,84,72,111 advanced as financial assistance.
NCLAT held that fund infusion by appellant into corporate debtor qualified as financial debt under IBC Section 5(8), despite absence of explicit interest clause. Following Orator judgment, tribunal confirmed that interest-free loans aren't excluded from financial debt definition. Time value of money was evidenced through commercial benefits and enhanced economic prospects expected by appellant. Tribunal found error in lower authority's characterization of transaction as mere business arrangement. Matter remanded to adjudicating authority to determine if default threshold met for Section 7 admission. Key amount claimed in default: Rs.42,47,32,067 including interest on principal loan of Rs.39,84,72,111 advanced as financial assistance.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
