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...
Liquidation-process amendments apply prospectively unless expressly made retrospective. A liquidation order fixing the liquidation commencement date and directing the liquidator to explore sale of the corporate debtor as a going concern initiates the governing process; later auction and sale steps merely implement it. A subsequent amendment therefore cannot alter rights and obligations under the regime applicable on that date. The Tribunal set aside retrospective application of the amendment and remanded consequential reliefs and concessions for fresh consideration according to law.
Liquidation-process amendments apply prospectively unless expressly made retrospective. A liquidation order fixing the liquidation commencement date and directing the liquidator to explore sale of the corporate debtor as a going concern initiates the governing process; later auction and sale steps merely implement it. A subsequent amendment therefore cannot alter rights and obligations under the regime applicable on that date. The Tribunal set aside retrospective application of the amendment and remanded consequential reliefs and concessions for fresh consideration according to law.
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TaxTMI 
TaxTMI 
of 4915 
