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...
The SC dismissed the appeal as barred by limitation, affirming that the NCLAT correctly declined to condone a 283-day delay in filing the appeal under the Insolvency and Bankruptcy Code, 2016. The Court emphasized that the NCLAT acted within its jurisdiction and did not err in refusing to extend the limitation period. The appellant, despite being a statutory authority, failed to adhere to prescribed timelines and also incurred a further 147-day delay in approaching the SC. Consequently, the appeal was rejected both on grounds of inordinate delay and lack of merit.
The SC dismissed the appeal as barred by limitation, affirming that the NCLAT correctly declined to condone a 283-day delay in filing the appeal under the Insolvency and Bankruptcy Code, 2016. The Court emphasized that the NCLAT acted within its jurisdiction and did not err in refusing to extend the limitation period. The appellant, despite being a statutory authority, failed to adhere to prescribed timelines and also incurred a further 147-day delay in approaching the SC. Consequently, the appeal was rejected both on grounds of inordinate delay and lack of merit.
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TaxTMI 
TaxTMI 
of 4916 
