Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
The NCLAT held that, under the approved resolution plan and insolvency framework, the power to admit or re-determine claims vested in the resolution professional, not the successful resolution applicant, and the applicant's right to further verification had lapsed after the stipulated 60-day period. Admitted homebuyer claims supported by payment records, creditor-list inclusion and allotment documents could not be reopened belatedly to defeat implementation of the plan. The Tribunal set aside the direction for fresh scrutiny, ordered allotment of the flats and possession in terms of the allotment letters and builder-buyer agreements on payment of the differential amount, and directed IBBI inquiry into alleged fraud and systemic issues.
The NCLAT held that, under the approved resolution plan and insolvency framework, the power to admit or re-determine claims vested in the resolution professional, not the successful resolution applicant, and the applicant's right to further verification had lapsed after the stipulated 60-day period. Admitted homebuyer claims supported by payment records, creditor-list inclusion and allotment documents could not be reopened belatedly to defeat implementation of the plan. The Tribunal set aside the direction for fresh scrutiny, ordered allotment of the flats and possession in terms of the allotment letters and builder-buyer agreements on payment of the differential amount, and directed IBBI inquiry into alleged fraud and systemic issues.
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