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 HC denied unconditional stay of an arbitration award concerning GST component disputes in lease rentals. The petitioner failed to substantiate allegations of fraud or corruption in the making of the award, as required under the Arbitration and Conciliation Act, 1996. The court determined that honest mistakes or incorrect appreciation of contract terms do not constitute fraud. The petitioner must secure Rs. 8,40,52,832/- by furnishing a bank guarantee to the Registrar Original Side, Calcutta. Unconditional stay granted for four weeks, and stay will continue until disposal of the Section 34 application upon compliance with the security requirement. In default, the stay would be vacated.
The HC denied unconditional stay of an arbitration award concerning GST component disputes in lease rentals. The petitioner failed to substantiate allegations of fraud or corruption in the making of the award, as required under the Arbitration and Conciliation Act, 1996. The court determined that honest mistakes or incorrect appreciation of contract terms do not constitute fraud. The petitioner must secure Rs. 8,40,52,832/- by furnishing a bank guarantee to the Registrar Original Side, Calcutta. Unconditional stay granted for four weeks, and stay will continue until disposal of the Section 34 application upon compliance with the security requirement. In default, the stay would be vacated.
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TaxTMI 
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