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...
Personal guarantors disputed admission of an insolvency application under s.95 IBC by claiming full repayment, faulty verification in the s.99 report, pendency of DRT recovery proceedings, and defective notice. Guarantor liability was held to continue for the unpaid balance because an approved resolution plan binds stakeholders under s.31 IBC and, absent an express discharge, guarantors remain co-extensively liable under s.128 Contract Act; no no-dues/settlement/novation or other extinguishment document was proved, so the plea of discharge failed. Pendency of DRT proceedings was held not to bar s.95 action, so admission was upheld. Alleged notice/verification lapses caused no prejudice where debt and default stood established, so the appeals were dismissed. - NCLAT
Personal guarantors disputed admission of an insolvency application under s.95 IBC by claiming full repayment, faulty verification in the s.99 report, pendency of DRT recovery proceedings, and defective notice. Guarantor liability was held to continue for the unpaid balance because an approved resolution plan binds stakeholders under s.31 IBC and, absent an express discharge, guarantors remain co-extensively liable under s.128 Contract Act; no no-dues/settlement/novation or other extinguishment document was proved, so the plea of discharge failed. Pendency of DRT proceedings was held not to bar s.95 action, so admission was upheld. Alleged notice/verification lapses caused no prejudice where debt and default stood established, so the appeals were dismissed. - NCLAT
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TaxTMI 
TaxTMI 
of 4915 
