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 partially allowed appellant's challenge to adjudicating authority's rejection of financial creditor applications. The Resolution Professional (RP) acknowledged payments received from appellants toward club suites but claimed inability to verify appellant's status as financial creditor due to forged documents from other claimants. RP later raised new defense of unit cancellation/surrender not previously presented to adjudicating authority. NCLAT found adjudicating authority failed to consider each application individually on merits, instead rejecting all applications solely based on decision in unrelated I.A. No.5177/2022 without establishing factual similarity. Court held individual consideration required given distinct facts of each case and RP's acknowledgment of payments. Order dated 21.11.2023 set aside regarding I.A. Nos. 1377/2023, 1375/2023, 1376/2023 & 1385/2023, remanding applications for fresh consideration by adjudicating authority.
NCLAT partially allowed appellant's challenge to adjudicating authority's rejection of financial creditor applications. The Resolution Professional (RP) acknowledged payments received from appellants toward club suites but claimed inability to verify appellant's status as financial creditor due to forged documents from other claimants. RP later raised new defense of unit cancellation/surrender not previously presented to adjudicating authority. NCLAT found adjudicating authority failed to consider each application individually on merits, instead rejecting all applications solely based on decision in unrelated I.A. No.5177/2022 without establishing factual similarity. Court held individual consideration required given distinct facts of each case and RP's acknowledgment of payments. Order dated 21.11.2023 set aside regarding I.A. Nos. 1377/2023, 1375/2023, 1376/2023 & 1385/2023, remanding applications for fresh consideration by adjudicating authority.
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