Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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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