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 BankruptcyApril 12, 2024Case LawsAT
CIRP - The State Bank of India (SBI) filed an application for interim distribution of funds from the Escrow Account of the company, as IL&FS had not been servicing the debt since October 2018. - The Tribunal dismissed all three applications, citing the submission of the Restructuring Plan and the majority decision of lenders regarding the Liquidation Value calculation date. It upheld the use of Liquidation Value as on 30.09.2018, in accordance with previous orders and the terms of the Inter-Creditor Agreement. Consequently, SBI's requests were denied, and the Tribunal's decision was final.
CIRP - The State Bank of India (SBI) filed an application for interim distribution of funds from the Escrow Account of the company, as IL&FS had not been servicing the debt since October 2018. - The Tribunal dismissed all three applications, citing the submission of the Restructuring Plan and the majority decision of lenders regarding the Liquidation Value calculation date. It upheld the use of Liquidation Value as on 30.09.2018, in accordance with previous orders and the terms of the Inter-Creditor Agreement. Consequently, SBI's requests were denied, and the Tribunal's decision was final.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
