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...
Transfer of an admitted winding-up petition to the Tribunal must be examined afresh under the I&B Code and not mechanically admitted under Section 9; the Tribunal applied the Code's statutory parameters and held the applicable minimum default threshold must be assessed as on the date of conversion, rendering the converted application ineligible for admission. The claim for contractual interest at 24% was a unilateral invoice term and, absent agreement or acceptance, could not be included in the admitted debt. A claimed pre-existing dispute was held not bona fide. Independently, the Corporate Debtor was directed to pay the deposited sum with compound interest.
Transfer of an admitted winding-up petition to the Tribunal must be examined afresh under the I&B Code and not mechanically admitted under Section 9; the Tribunal applied the Code's statutory parameters and held the applicable minimum default threshold must be assessed as on the date of conversion, rendering the converted application ineligible for admission. The claim for contractual interest at 24% was a unilateral invoice term and, absent agreement or acceptance, could not be included in the admitted debt. A claimed pre-existing dispute was held not bona fide. Independently, the Corporate Debtor was directed to pay the deposited sum with compound interest.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
