Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
Insolvency and BankruptcyAugust 3, 2022Case LawsAT
Fixing the fee of IRP - fee of an RP falls under the definition of a ‘Claim’ as defined under the Code or not - The word ‘expenses’ includes the fee to be paid to the Resolution Professional. Viewed from any angle, the fees of an RP cannot be considered to be a ‘Claim’ as defined under Section 3(6) of the Code. The Liquidator can only verify and adjudicate the ‘Claims’ as defined under the Code. Since the amount of fees payable to an RP is not a ‘Claim’, the same cannot be determined or verified by Liquidator. - AT
Fixing the fee of IRP - fee of an RP falls under the definition of a ‘Claim’ as defined under the Code or not - The word ‘expenses’ includes the fee to be paid to the Resolution Professional. Viewed from any angle, the fees of an RP cannot be considered to be a ‘Claim’ as defined under Section 3(6) of the Code. The Liquidator can only verify and adjudicate the ‘Claims’ as defined under the Code. Since the amount of fees payable to an RP is not a ‘Claim’, the same cannot be determined or verified by Liquidator. - AT
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