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 and upheld the Tribunal's scrutiny of the interim resolution professional's conduct in reconstituting the committee of creditors. The IRP had initially constituted the CoC on 21.08.2024 and filed under Regulation 17, but subsequently reconstituted the CoC by excluding two major financial creditors and reducing membership to a single member holding 0.18% voting share, a manoeuvre the Tribunal deemed mischievous and beyond acceptable exercise of authority. The Appellate Tribunal declined to set aside the Tribunal's well-considered directions or to interfere with disposal of IAs concerning the matter, and held that the additional applicant lacked independent grounds to sustain the appeal.
NCLAT dismissed the appeal and upheld the Tribunal's scrutiny of the interim resolution professional's conduct in reconstituting the committee of creditors. The IRP had initially constituted the CoC on 21.08.2024 and filed under Regulation 17, but subsequently reconstituted the CoC by excluding two major financial creditors and reducing membership to a single member holding 0.18% voting share, a manoeuvre the Tribunal deemed mischievous and beyond acceptable exercise of authority. The Appellate Tribunal declined to set aside the Tribunal's well-considered directions or to interfere with disposal of IAs concerning the matter, and held that the additional applicant lacked independent grounds to sustain the appeal.
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