Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
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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