Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Disciplinary scrutiny of an interim resolution professional focused on alleged misrepresentation, concealment and reconstitution of the committee of creditors without approval. The tribunal found the IRP was given specific directions and an opportunity to explain discrepancies but did not avail the chances; therefore observations characterising the IRP's conduct as prejudicial to the corporate insolvency resolution process were supported by the record. The request to expunge adverse observations for breach of natural justice was rejected and the appeals were dismissed.
Disciplinary scrutiny of an interim resolution professional focused on alleged misrepresentation, concealment and reconstitution of the committee of creditors without approval. The tribunal found the IRP was given specific directions and an opportunity to explain discrepancies but did not avail the chances; therefore observations characterising the IRP's conduct as prejudicial to the corporate insolvency resolution process were supported by the record. The request to expunge adverse observations for breach of natural justice was rejected and the appeals were dismissed.
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