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...
The High Court upheld the Disciplinary Committee's order suspending the petitioner's registration as an Insolvency Professional for two years due to procedural irregularities in conducting an e-auction as a Liquidator. The key points are: Principles of natural justice were duly followed by issuing a show cause notice, granting an opportunity to reply and oral hearing. The order was based on NCLT and NCLAT orders finding irregularities in the short notice period for the e-auction. The two-year suspension was not disproportionate considering the adjudicated misconduct. The petitioner can continue ongoing assignments at the discretion of creditors/stakeholders. The High Court found no perversity, irrationality or disproportionality in the suspension order and dismissed the writ petition challenging it.
The High Court upheld the Disciplinary Committee's order suspending the petitioner's registration as an Insolvency Professional for two years due to procedural irregularities in conducting an e-auction as a Liquidator. The key points are: Principles of natural justice were duly followed by issuing a show cause notice, granting an opportunity to reply and oral hearing. The order was based on NCLT and NCLAT orders finding irregularities in the short notice period for the e-auction. The two-year suspension was not disproportionate considering the adjudicated misconduct. The petitioner can continue ongoing assignments at the discretion of creditors/stakeholders. The High Court found no perversity, irrationality or disproportionality in the suspension order and dismissed the writ petition challenging it.
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TaxTMI 
TaxTMI 
of 4915 
