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 provisionally attached assets of the corporate debtor could be included in the information memorandum and dealt with in the resolution plan despite a PMLA provisional attachment and an earlier High Court restraint, since no record showed divestment of ownership or post-CIRP restraining order. On approval of the resolution plan, Section 32A applies, entitling the new management to statutory immunity where its conditions are satisfied; consequently the prior provisional attachment ceases to operate and there is no legal requirement for the standing recovery agency to seek separate release from the adjudicating authority under PMLA. Appeal disposed.
NCLAT held that provisionally attached assets of the corporate debtor could be included in the information memorandum and dealt with in the resolution plan despite a PMLA provisional attachment and an earlier High Court restraint, since no record showed divestment of ownership or post-CIRP restraining order. On approval of the resolution plan, Section 32A applies, entitling the new management to statutory immunity where its conditions are satisfied; consequently the prior provisional attachment ceases to operate and there is no legal requirement for the standing recovery agency to seek separate release from the adjudicating authority under PMLA. Appeal disposed.
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TaxTMI 
TaxTMI 
of 4916 
