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 transaction between parties was a sale and purchase of assets, not a financial debt under Section 5(8) of Insolvency and Bankruptcy Code. The amounts transferred were for asset consideration, not disbursed for time value of money. The mere inclusion of 2% monthly interest does not transform the transaction into a financial debt. Consequently, the Adjudicating Authority's order admitting the Section 7 application was set aside, and the Corporate Insolvency Resolution Process against the Corporate Debtor was closed.
NCLAT held that the transaction between parties was a sale and purchase of assets, not a financial debt under Section 5(8) of Insolvency and Bankruptcy Code. The amounts transferred were for asset consideration, not disbursed for time value of money. The mere inclusion of 2% monthly interest does not transform the transaction into a financial debt. Consequently, the Adjudicating Authority's order admitting the Section 7 application was set aside, and the Corporate Insolvency Resolution Process against the Corporate Debtor was closed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
