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 dismissed the appeal of the Personal Guarantor (PG), affirming the validity of notice service under the Guarantee Deed. The Tribunal held that notices were properly sent to the last known address, and the Resolution Professional complied with Sections 95 and 99 of the IBC. The Appellant failed to dispute the underlying debt or demonstrate procedural non-compliance. The Tribunal emphasized that simultaneous insolvency proceedings against the borrower and guarantor are legally permissible, and the PG remains liable for repayment despite the ongoing Corporate Insolvency Resolution Process of the primary borrower.
NCLAT dismissed the appeal of the Personal Guarantor (PG), affirming the validity of notice service under the Guarantee Deed. The Tribunal held that notices were properly sent to the last known address, and the Resolution Professional complied with Sections 95 and 99 of the IBC. The Appellant failed to dispute the underlying debt or demonstrate procedural non-compliance. The Tribunal emphasized that simultaneous insolvency proceedings against the borrower and guarantor are legally permissible, and the PG remains liable for repayment despite the ongoing Corporate Insolvency Resolution Process of the primary borrower.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
