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...
Conditionality of the Letter of Intent (LoI) issued by the Resolution Professional (RP) with the approval of the Committee of Creditors (CoC), and whether it was in conformity with the resolution plan and addendum submitted by the Successful Resolution Applicant (SRA). The court held that the SRA was aware of the conditions mentioned in the LoI, which were discussed and deliberated in the CoC meetings, and were integral to the resolution plan. The SRA's objections to the conditional LoI were deemed an afterthought, as the SRA had requested the CoC to issue the LoI without raising any objections earlier. The court emphasized the paramount importance of the commercial wisdom of the CoC, which is not subject to judicial review, except for ensuring compliance with the IBC and related regulations. The court found no infirmity in the Adjudicating Authority's decision to approve the liquidation of the Corporate Debtor, given the expiry of the CIRP timeline and the SRA's deliberate procrastination in accepting the resolution plan. The appeals were dismissed as devoid of merit.
Conditionality of the Letter of Intent (LoI) issued by the Resolution Professional (RP) with the approval of the Committee of Creditors (CoC), and whether it was in conformity with the resolution plan and addendum submitted by the Successful Resolution Applicant (SRA). The court held that the SRA was aware of the conditions mentioned in the LoI, which were discussed and deliberated in the CoC meetings, and were integral to the resolution plan. The SRA's objections to the conditional LoI were deemed an afterthought, as the SRA had requested the CoC to issue the LoI without raising any objections earlier. The court emphasized the paramount importance of the commercial wisdom of the CoC, which is not subject to judicial review, except for ensuring compliance with the IBC and related regulations. The court found no infirmity in the Adjudicating Authority's decision to approve the liquidation of the Corporate Debtor, given the expiry of the CIRP timeline and the SRA's deliberate procrastination in accepting the resolution plan. The appeals were dismissed as devoid of merit.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
