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 upheld rejection of Section 9 application under Insolvency and Bankruptcy Code for material concealment of facts and pre-existing disputes. Appellant failed to disclose that demand notice was based on MSEFC award dated 16.04.2018, concealed pending writ petition challenging said award before Kerala HC, and falsely averred that demand notice was not denied despite corporate debtor's reply denying liability citing pre-existing dispute. NCLAT applied clean hands doctrine, holding parties must approach judicial forums with complete disclosure of material facts bearing on adjudication. Since Section 9 proceedings were initiated through material concealment and evidence showed pre-existing disputes, tribunal's rejection was proper and required no interference. Appeal dismissed.
NCLAT upheld rejection of Section 9 application under Insolvency and Bankruptcy Code for material concealment of facts and pre-existing disputes. Appellant failed to disclose that demand notice was based on MSEFC award dated 16.04.2018, concealed pending writ petition challenging said award before Kerala HC, and falsely averred that demand notice was not denied despite corporate debtor's reply denying liability citing pre-existing dispute. NCLAT applied clean hands doctrine, holding parties must approach judicial forums with complete disclosure of material facts bearing on adjudication. Since Section 9 proceedings were initiated through material concealment and evidence showed pre-existing disputes, tribunal's rejection was proper and required no interference. Appeal dismissed.
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TaxTMI 
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