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 SC allowed the appeal, set aside the NCLAT and NCLT orders, and directed the respondent to execute the conveyance deed and deliver possession of Apartment No. GBD-00-001, Block D, IREO Rise (Gardenia), Mohali to the appellants within two months. The court held the appellants' claim-verified by the resolution professional and incorporated in the published list of creditors prior to plan approval-had full legal recognition under the CIRP and could not lawfully be treated as belated or reduced to a mere refund claim under Clause 18.4(xi). The SC found the lower tribunals misapplied the approved resolution plan and prejudicially relegated bona fide allottees.
The SC allowed the appeal, set aside the NCLAT and NCLT orders, and directed the respondent to execute the conveyance deed and deliver possession of Apartment No. GBD-00-001, Block D, IREO Rise (Gardenia), Mohali to the appellants within two months. The court held the appellants' claim-verified by the resolution professional and incorporated in the published list of creditors prior to plan approval-had full legal recognition under the CIRP and could not lawfully be treated as belated or reduced to a mere refund claim under Clause 18.4(xi). The SC found the lower tribunals misapplied the approved resolution plan and prejudicially relegated bona fide allottees.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
