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...
A belated operational creditor claim in CIRP was rejected because the claimant did not supply the breakup and supporting material needed for verification, and the claim could not be matched with the corporate debtor's records. The NCLAT held that the claimant failed to rebut the Resolution Professional's reasons for rejection, including non-response to repeated requests and lack of proof for the asserted interest component. Because the resolution process had already advanced to the stage where the resolution plan was approved by the Committee of Creditors and filed before the Adjudicating Authority, the deficient claim could not be entertained. The rejection was upheld and the appeal dismissed.
A belated operational creditor claim in CIRP was rejected because the claimant did not supply the breakup and supporting material needed for verification, and the claim could not be matched with the corporate debtor's records. The NCLAT held that the claimant failed to rebut the Resolution Professional's reasons for rejection, including non-response to repeated requests and lack of proof for the asserted interest component. Because the resolution process had already advanced to the stage where the resolution plan was approved by the Committee of Creditors and filed before the Adjudicating Authority, the deficient claim could not be entertained. The rejection was upheld and the appeal dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
