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...
Corporate capacity under the memorandum of association did not extend to investment of preferential-issue proceeds in virtual digital assets merely because the activity had been added to the ancillary objects clause. Schedule I distinguishes a company's stated objects from matters necessary for furtherance of those objects; the first amendment addressed only the latter, while a later amendment added virtual digital asset business to the main objects clause. Until that main-objects amendment, fund raising and investment for that business were ultra vires. The listing application therefore could not be considered on the first amendment alone, and its return was upheld.
Corporate capacity under the memorandum of association did not extend to investment of preferential-issue proceeds in virtual digital assets merely because the activity had been added to the ancillary objects clause. Schedule I distinguishes a company's stated objects from matters necessary for furtherance of those objects; the first amendment addressed only the latter, while a later amendment added virtual digital asset business to the main objects clause. Until that main-objects amendment, fund raising and investment for that business were ultra vires. The listing application therefore could not be considered on the first amendment alone, and its return was upheld.
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TaxTMI 
TaxTMI 
of 4915 
