Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Section 31B of the RDB Act gives secured creditors priority, through its non-obstante clause, in recovering secured debts from sale of secured assets over all other debts and Government dues, including tax dues. A purchaser of land in a bank auction conducted under a prior security interest therefore takes priority over a VAT charge subsequently recorded by revenue authorities. The earlier High Court decision concerning the same land also made continuation of that charge unsustainable. The statutory VAT charge recorded in the revenue entries was directed to be removed.
Section 31B of the RDB Act gives secured creditors priority, through its non-obstante clause, in recovering secured debts from sale of secured assets over all other debts and Government dues, including tax dues. A purchaser of land in a bank auction conducted under a prior security interest therefore takes priority over a VAT charge subsequently recorded by revenue authorities. The earlier High Court decision concerning the same land also made continuation of that charge unsustainable. The statutory VAT charge recorded in the revenue entries was directed to be removed.
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