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 affirmed the AA's admission of the Section 7 application, dismissing the appeal. The Tribunal held the asserted Rs.2,50,00,000 obligation constituted "financial debt" under Section 5(8) of the IBC, noting consistent acknowledgement in the corporate debtor's audited balance sheets for FY 2017-18, 2018-19, 2020-21, 2021-22 and 2022-23. Pursuant to Section 18 of the Limitation Act, those acknowledgements extended the limitation period, rendering the Section 7 petition filed on 30.03.2024 time-barred. On review of materials, the AA correctly found debt and default; no infirmity was shown in admitting the petition. The appeal lacked merit and was dismissed.
NCLAT affirmed the AA's admission of the Section 7 application, dismissing the appeal. The Tribunal held the asserted Rs.2,50,00,000 obligation constituted "financial debt" under Section 5(8) of the IBC, noting consistent acknowledgement in the corporate debtor's audited balance sheets for FY 2017-18, 2018-19, 2020-21, 2021-22 and 2022-23. Pursuant to Section 18 of the Limitation Act, those acknowledgements extended the limitation period, rendering the Section 7 petition filed on 30.03.2024 time-barred. On review of materials, the AA correctly found debt and default; no infirmity was shown in admitting the petition. The appeal lacked merit and was dismissed.
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TaxTMI 
TaxTMI 
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