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 NCLAT held that after initiation of moratorium u/s 14(1) of the IBC, no assessment proceedings can be continued by the EPFO. However, after an order of liquidation is passed, Section 33(5) does not prohibit initiation or continuation of assessment proceedings. No claim based on assessment carried out during the moratorium period, prohibited u/s 14(1), can be admitted in CIRP. Claims filed by the appellants subsequent to approval of the Resolution Plan by the CoC could not have been admitted in CIRP as they were hit by Section 14(1). The appeals were dismissed as no error was found in the impugned orders of the Adjudicating Authority.
The NCLAT held that after initiation of moratorium u/s 14(1) of the IBC, no assessment proceedings can be continued by the EPFO. However, after an order of liquidation is passed, Section 33(5) does not prohibit initiation or continuation of assessment proceedings. No claim based on assessment carried out during the moratorium period, prohibited u/s 14(1), can be admitted in CIRP. Claims filed by the appellants subsequent to approval of the Resolution Plan by the CoC could not have been admitted in CIRP as they were hit by Section 14(1). The appeals were dismissed as no error was found in the impugned orders of the Adjudicating Authority.
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