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 a Section 13(2) SARFAESI Act notice constituting a clear demand for Rs. 28,56,64,336.06/- against a personal guarantor effectively invokes the guarantee agreement. The tribunal determined that when a demand notice requests the guarantor to discharge liabilities within a specified timeframe, the personal guarantee stands legally invoked. The court rejected the lower adjudicating authority's finding that the application was premature, emphasizing that the notice's words and intent are critical in determining guarantee invocation. Consequently, the appeal was allowed, setting aside the earlier order rejecting the Section 94(1) application and recognizing the validity of the bank's demand notice as a legitimate cause of action for initiating insolvency proceedings.
NCLAT held that a Section 13(2) SARFAESI Act notice constituting a clear demand for Rs. 28,56,64,336.06/- against a personal guarantor effectively invokes the guarantee agreement. The tribunal determined that when a demand notice requests the guarantor to discharge liabilities within a specified timeframe, the personal guarantee stands legally invoked. The court rejected the lower adjudicating authority's finding that the application was premature, emphasizing that the notice's words and intent are critical in determining guarantee invocation. Consequently, the appeal was allowed, setting aside the earlier order rejecting the Section 94(1) application and recognizing the validity of the bank's demand notice as a legitimate cause of action for initiating insolvency proceedings.
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