Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
Personal guarantees were validly invoked where the demand notice was expressly addressed to the guarantors, referred to their security for the financial assistance, and called for payment of the outstanding liability. The earlier guarantee remained operative as a continuing guarantee after restructuring, as the later restructuring documents did not displace it and the borrower's restructured repayment was not honoured. The corporate debtor's CIRP moratorium did not bar action against personal guarantors, since the statutory protection does not extend to sureties under a contract of guarantee. Limitation for the Section 95 application was saved by repeated acknowledgments in balance sheets and by the recovery certificate. The appeals were dismissed.
Personal guarantees were validly invoked where the demand notice was expressly addressed to the guarantors, referred to their security for the financial assistance, and called for payment of the outstanding liability. The earlier guarantee remained operative as a continuing guarantee after restructuring, as the later restructuring documents did not displace it and the borrower's restructured repayment was not honoured. The corporate debtor's CIRP moratorium did not bar action against personal guarantors, since the statutory protection does not extend to sureties under a contract of guarantee. Limitation for the Section 95 application was saved by repeated acknowledgments in balance sheets and by the recovery certificate. The appeals were dismissed.
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