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 the Adjudicating Authority erroneously extended the limitation period based on an arbitral award without a formal amendment to the Section 7 application. The Financial Creditor failed to formally change the date of default from 12.11.2018 through an amendment petition. Despite acknowledging the Supreme Court's precedent on arbitral awards constituting financial debt, the Tribunal found procedural irregularities in extending limitation. The matter was remanded to the Adjudicating Authority to reconsider the Section 7 application on merits, allowing potential amended pleadings by the Financial Creditor, thereby preserving the right to a substantive hearing while maintaining procedural integrity.
NCLAT held that the Adjudicating Authority erroneously extended the limitation period based on an arbitral award without a formal amendment to the Section 7 application. The Financial Creditor failed to formally change the date of default from 12.11.2018 through an amendment petition. Despite acknowledging the Supreme Court's precedent on arbitral awards constituting financial debt, the Tribunal found procedural irregularities in extending limitation. The matter was remanded to the Adjudicating Authority to reconsider the Section 7 application on merits, allowing potential amended pleadings by the Financial Creditor, thereby preserving the right to a substantive hearing while maintaining procedural integrity.
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