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...
Adjudicatory authority rejected claimed interest as an inadmissible component of financial debt where interest at 24% p.a. compounded monthly was unsupported by bona fide documentation. Related-party advances lacked board resolutions, were not registered as a charge with RoC, and interest was not reflected in the corporate debtor's books; repayment terms were unset. The tribunal accepted these factual and accounting defects and upheld disallowance of the disputed interest, dismissing the appeal and affirming the liquidator's position.
Adjudicatory authority rejected claimed interest as an inadmissible component of financial debt where interest at 24% p.a. compounded monthly was unsupported by bona fide documentation. Related-party advances lacked board resolutions, were not registered as a charge with RoC, and interest was not reflected in the corporate debtor's books; repayment terms were unset. The tribunal accepted these factual and accounting defects and upheld disallowance of the disputed interest, dismissing the appeal and affirming the liquidator's position.
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TaxTMI 
TaxTMI 
of 4916 
