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...
Resolution professional is entitled to fees and actual expenses incurred until approval of the withdrawal application and handover; Regulation requiring deposit of expenses until approval includes the professional's fee, so payment cannot be limited to the filing date of the withdrawal. The Committee of Creditors exclusively fixes the resolution professional's fees as a commercial decision, and the Adjudicating Authority's jurisdiction to fix fees is limited to cases where the applicant failed to propose fees at CIRP initiation; it cannot generally alter CoC fixation. An order reducing fees without CoC recommendation and without applying the expenses-deposit rule was set aside and remanded for fresh decision in accordance with the Code and regulations.
Resolution professional is entitled to fees and actual expenses incurred until approval of the withdrawal application and handover; Regulation requiring deposit of expenses until approval includes the professional's fee, so payment cannot be limited to the filing date of the withdrawal. The Committee of Creditors exclusively fixes the resolution professional's fees as a commercial decision, and the Adjudicating Authority's jurisdiction to fix fees is limited to cases where the applicant failed to propose fees at CIRP initiation; it cannot generally alter CoC fixation. An order reducing fees without CoC recommendation and without applying the expenses-deposit rule was set aside and remanded for fresh decision in accordance with the Code and regulations.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
