https://www.taxtmi.com/caselaws?id=429139 The Tribunal declared the Income Tax Department's actions post-liquidation initiation as violative of the Insolvency and Bankruptcy Code, disallowing the assessment orders and penalty notices. It held that the erstwhile liquidator was not entitled to additional fees as his asset realization was minimal. The claim for payment for professional services during liquidation was denied due to unsatisfactory performance. An independent audit of Corporate Insolvency Resolution Process costs was ordered to address discrepancies, emphasizing transparency and accountability in the process. The judgments were delivered in line with legal provisions and precedents, ensuring fairness for all parties. en-us Wed, 28 Sep 2022 00:00:00 +0530 Wed, 19 Oct 2022 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429139 The Tribunal declared the Income Tax Department's actions post-liquidation initiation as violative of the Insolvency and Bankruptcy Code, disallowing the assessment orders and penalty notices. It held that the erstwhile liquidator was not entitled to additional fees as his asset realization was minimal. The claim for payment for professional services during liquidation was denied due to unsatisfactory performance. An independent audit of Corporate Insolvency Resolution Process costs was ordered to address discrepancies, emphasizing transparency and accountability in the process. The judgments were delivered in line with legal provisions and precedents, ensuring fairness for all parties. Case-Laws Insolvency and Bankruptcy Wed, 28 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429139