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 HC held that as per Sections 31 and 238 of the IBC, the approved Resolution Plan is binding on the Corporate Debtor, its creditors, guarantors, and stakeholders, including government authorities. With the approval of the Resolution Plan by the NCLT, all dues of creditors, corporate, statutory, and others stand extinguished, and no demand can be raised for the period prior to the specified date. Consequently, the impugned communication/notice demanding outstanding entry tax was invalid, and the petition was allowed.
The HC held that as per Sections 31 and 238 of the IBC, the approved Resolution Plan is binding on the Corporate Debtor, its creditors, guarantors, and stakeholders, including government authorities. With the approval of the Resolution Plan by the NCLT, all dues of creditors, corporate, statutory, and others stand extinguished, and no demand can be raised for the period prior to the specified date. Consequently, the impugned communication/notice demanding outstanding entry tax was invalid, and the petition was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
