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 29, 2024Case LawsAT
Settlement of belated claims - Condonation of delay in filing the claim - The Tribunal noted discrepancies in the Appellant's documents and the lack of corresponding records in the Corporate Debtor's books. The Tribunal found that these inconsistencies undermined the credibility of the claim. The Tribunal referred to several judgments and provisions under the IBC, reinforcing that claims not included in the resolution plan are considered extinguished upon the plan's approval by the Adjudicating Authority. The Tribunal emphasized that extending the claim submission period beyond the CoC’s approval of the resolution plan contradicts the IBC's objectives of timely resolution. The Tribunal dismissed the appeal.
Settlement of belated claims - Condonation of delay in filing the claim - The Tribunal noted discrepancies in the Appellant's documents and the lack of corresponding records in the Corporate Debtor's books. The Tribunal found that these inconsistencies undermined the credibility of the claim. The Tribunal referred to several judgments and provisions under the IBC, reinforcing that claims not included in the resolution plan are considered extinguished upon the plan's approval by the Adjudicating Authority. The Tribunal emphasized that extending the claim submission period beyond the CoC’s approval of the resolution plan contradicts the IBC's objectives of timely resolution. The Tribunal dismissed the appeal.
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