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 upheld that the resolution professional's layoff notice during CIRP resulted in cessation of work by the appellant workmen and, as a consequence, they are not entitled to any post-layoff dues except as expressly provided in the approved resolution plan. The Tribunal held that an approved resolution plan is binding on all stakeholders and, absent its setting aside, its terms govern entitlement. It further concluded the adjudicating authority lacked jurisdiction to entertain a challenge to the layoff notice dated 01.02.2020. Finding no illegality in the impugned order, the NCLAT dismissed the appeal and affirmed that any entitlement of the workmen arises solely from provisions, if any, in the approved resolution plan.
The NCLAT upheld that the resolution professional's layoff notice during CIRP resulted in cessation of work by the appellant workmen and, as a consequence, they are not entitled to any post-layoff dues except as expressly provided in the approved resolution plan. The Tribunal held that an approved resolution plan is binding on all stakeholders and, absent its setting aside, its terms govern entitlement. It further concluded the adjudicating authority lacked jurisdiction to entertain a challenge to the layoff notice dated 01.02.2020. Finding no illegality in the impugned order, the NCLAT dismissed the appeal and affirmed that any entitlement of the workmen arises solely from provisions, if any, in the approved resolution plan.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
