Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
Customs jurisdiction over EPCG condition breaches survives export-obligation discharge certificates, requiring alleged fraud and misdeclaration to be ...
Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
