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 allowed the appeals, set aside the High Court order and upheld the validity of the sale certificate in favour of the secured creditor. The Court held that amended Section 13(8) of the SARFAESI Act extinguishes the borrower's right of redemption once the notice of sale/auction is published; redemption is permissible only before publication of such notice. The amended provision, being a special enactment, overrides inconsistent general law (including Section 60, TPA) and must be read with the SARFAESI scheme to further expeditious recovery. The High Court erred in exercising writ jurisdiction to quash the sale certificate where statutory remedies existed and no extraordinary circumstances justified bypassing them.
The SC allowed the appeals, set aside the High Court order and upheld the validity of the sale certificate in favour of the secured creditor. The Court held that amended Section 13(8) of the SARFAESI Act extinguishes the borrower's right of redemption once the notice of sale/auction is published; redemption is permissible only before publication of such notice. The amended provision, being a special enactment, overrides inconsistent general law (including Section 60, TPA) and must be read with the SARFAESI scheme to further expeditious recovery. The High Court erred in exercising writ jurisdiction to quash the sale certificate where statutory remedies existed and no extraordinary circumstances justified bypassing them.
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TaxTMI 
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