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...
A pre-existing dispute under Section 9 of the insolvency framework will bar admission where the debtor's reply raises a real, plausible controversy requiring investigation rather than a feeble or moonshine defence. The Tribunal treated the 15.06.2022 reply as a valid notice of dispute because it referred to internal audit findings, alleged fictitious invoices, missing purchase records, fake vehicle details, and returned goods, all arising before the demand notice. It also rejected reliance on alleged debt acknowledgment and later payment records, and found the subsequent GST assessment relevant in reinforcing the dispute. The Section 9 application was therefore liable to be rejected and the admission order was set aside.
A pre-existing dispute under Section 9 of the insolvency framework will bar admission where the debtor's reply raises a real, plausible controversy requiring investigation rather than a feeble or moonshine defence. The Tribunal treated the 15.06.2022 reply as a valid notice of dispute because it referred to internal audit findings, alleged fictitious invoices, missing purchase records, fake vehicle details, and returned goods, all arising before the demand notice. It also rejected reliance on alleged debt acknowledgment and later payment records, and found the subsequent GST assessment relevant in reinforcing the dispute. The Section 9 application was therefore liable to be rejected and the admission order was set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
