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...
An NCLAT decision held that a post-reservation application seeking leave to deposit the entire claimed debt could not be ignored when it had already been taken on record, notice had been issued, and it was fixed for later consideration. Because the admission of the section 7 insolvency petition was made without addressing that pending application and the proposed full deposit, the admission order was set aside as unsustainable. The Tribunal also held that section 12A did not apply, since there was no settlement between the parties; the matter involved only a unilateral offer by the corporate debtor to deposit the claimed amount. The appeal was allowed, and payment was directed subject to the debtor's entitlement being finally determined in the pending recovery proceedings.
An NCLAT decision held that a post-reservation application seeking leave to deposit the entire claimed debt could not be ignored when it had already been taken on record, notice had been issued, and it was fixed for later consideration. Because the admission of the section 7 insolvency petition was made without addressing that pending application and the proposed full deposit, the admission order was set aside as unsustainable. The Tribunal also held that section 12A did not apply, since there was no settlement between the parties; the matter involved only a unilateral offer by the corporate debtor to deposit the claimed amount. The appeal was allowed, and payment was directed subject to the debtor's entitlement being finally determined in the pending recovery proceedings.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
