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...
NCLAT dismissed the appeal challenging the impugned order rejecting the one-time settlement (OTS) proposal. It held that the adjudicating authority rightly rejected the OTS proposal as the resolution plan had already been approved. Reopening the proceedings to consider a subsequent settlement proposal would be impermissible after the finality of the approved resolution plan, unless compelling reasons existed, which was not the case here. The appeal against the impugned order was found unmerited.
NCLAT dismissed the appeal challenging the impugned order rejecting the one-time settlement (OTS) proposal. It held that the adjudicating authority rightly rejected the OTS proposal as the resolution plan had already been approved. Reopening the proceedings to consider a subsequent settlement proposal would be impermissible after the finality of the approved resolution plan, unless compelling reasons existed, which was not the case here. The appeal against the impugned order was found unmerited.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
