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...
SC invalidated the insurance contract's special condition requiring voyage completion before monsoon onset. The court held that strictly interpreting such a condition would render the insurance contract meaningless and create an absurd scenario preventing legitimate claims. The special condition was deemed non-material and implicitly waived by both parties. The impugned NCDRC order was set aside, and the matter was remanded for determining the extent of insured sum payable. The court emphasized that technical compliance with voyage timing cannot negate the fundamental purpose of marine insurance protection. Appeal was allowed, directing NCDRC to reassess the claim on substantive merits.
SC invalidated the insurance contract's special condition requiring voyage completion before monsoon onset. The court held that strictly interpreting such a condition would render the insurance contract meaningless and create an absurd scenario preventing legitimate claims. The special condition was deemed non-material and implicitly waived by both parties. The impugned NCDRC order was set aside, and the matter was remanded for determining the extent of insured sum payable. The court emphasized that technical compliance with voyage timing cannot negate the fundamental purpose of marine insurance protection. Appeal was allowed, directing NCDRC to reassess the claim on substantive merits.
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TaxTMI 
TaxTMI 
of 4916 
