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...
Insolvency and BankruptcyMarch 24, 2022Case LawsAT
Approval of the resolution plan - ascertaining the liquidation value of the Corporate Debtor - The Appellant did not raise any objection regarding assessment of the liquidation value before the Adjudicating Authority - there is no organic error in the calculation of liquidation value of the corporate debtor and, therefore, the payment proposed in the successful resolution plan keeping the liquidation value so arrived at cannot be found fault with. - The Resolution Plan was approved by the CoC in its commercial wisdom and later by the Adjudicating Authority. - AT
Approval of the resolution plan - ascertaining the liquidation value of the Corporate Debtor - The Appellant did not raise any objection regarding assessment of the liquidation value before the Adjudicating Authority - there is no organic error in the calculation of liquidation value of the corporate debtor and, therefore, the payment proposed in the successful resolution plan keeping the liquidation value so arrived at cannot be found fault with. - The Resolution Plan was approved by the CoC in its commercial wisdom and later by the Adjudicating Authority. - AT
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TaxTMI 
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