Credit Guarantee Scheme for Subordinate Debt for Stressed SMEs extended till 31.03.2022

Credit Guarantee Scheme for Subordinate Debt for Stressed SMEs NPA loan accounts extended till 31.03.2022

Government had announced creation of ‘Distressed Assets Fund- – Subordinate Debt for Stressed MSMEs’ on 13^th May, 2020, under the Aatma Nirbhar Bharat Package.

A scheme viz. ‘Credit Guarantee Scheme for Subordinate Debt’ was approved by the Government on 1^st June, 2020 and the scheme was launched on 24^th June, 2020 to provide credit facility through lending institutions to the promoters of stressed MSMEs viz. SMA-2 and NPA accounts who are eligible for restructuring as per RBI guidelines on the books of the Lending institutions. Initially the scheme was upto 31.03.2021.

In order to keep the assistance to stressed MSME Units open, the Government had earlier extended this scheme upto 31.03.2022.

Now, on the basis of the requests received from the stakeholders of the scheme, the Government has decided to further extend this scheme till 31.03.2023.

Source: PIB

• Object of assessment proceedings is not to find empirically correct solution on every fact issue – HC
• Penalty u/s 270A deleted as assessee filed revised computation during scrutiny
• Penalty u/s 271B for unfilled column 40 in Tax Audit Report Form 3CD deleted by ITAT
• Merely ex-parte rectifying computation without amending assessment order not make it nullity- ITAT
• Once assessee discharges primary onus, it shifts to AO to bring evidence to contrary – ITAT