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 15, 2024Case LawsAT
Fixation of remuneration of liquidator - The Appellate Tribunal recognized the efforts made by the liquidator in attempting to manage the corporate debtor's affairs under challenging circumstances, including legal efforts to vacate asset attachments and manage stakeholder relations. However, it ultimately held that the liquidator’s remuneration could not be dissociated from the actual realization of assets, as prescribed by the IBBI regulations. - The appeal was dismissed on these grounds, reinforcing the principle that liquidator fees should be strictly tied to the effective realization of assets, not merely the efforts or time spent managing the debtor’s affairs without corresponding financial results.
Fixation of remuneration of liquidator - The Appellate Tribunal recognized the efforts made by the liquidator in attempting to manage the corporate debtor's affairs under challenging circumstances, including legal efforts to vacate asset attachments and manage stakeholder relations. However, it ultimately held that the liquidator’s remuneration could not be dissociated from the actual realization of assets, as prescribed by the IBBI regulations. - The appeal was dismissed on these grounds, reinforcing the principle that liquidator fees should be strictly tied to the effective realization of assets, not merely the efforts or time spent managing the debtor’s affairs without corresponding financial results.
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