Reassessment sanction under extended limitation required approval from the competent specified authority, invalidating proceedings approved by an inco...
Internal CUP benchmarking for fixed-rate Masala Bonds prevails over floating external comparables, eliminating the related transfer-pricing adjustment...
Jurisdictional validity of revision notices: incorrect official capacity and mere change of opinion invalidate revision of property income assessments...
SARFAESI Act applies to live, outstanding secured loan accounts assigned by a non-notified non-banking financial company to a bank already covered by the Act. The original lender's status when the loan was granted does not prevent the assignee bank from enforcing the acquired non-performing secured debt; on assignment, the account acquires the attributes of secured debt under the Act. The bank may therefore invoke SARFAESI measures, including seeking physical possession. Where a threshold challenge to such recourse succeeds without examination of other factual and legal objections, the securitisation application should be restored to the Tribunal for merits adjudication, subject to any directed deposit without prejudice to rights.
SARFAESI Act applies to live, outstanding secured loan accounts assigned by a non-notified non-banking financial company to a bank already covered by the Act. The original lender's status when the loan was granted does not prevent the assignee bank from enforcing the acquired non-performing secured debt; on assignment, the account acquires the attributes of secured debt under the Act. The bank may therefore invoke SARFAESI measures, including seeking physical possession. Where a threshold challenge to such recourse succeeds without examination of other factual and legal objections, the securitisation application should be restored to the Tribunal for merits adjudication, subject to any directed deposit without prejudice to rights.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4883 
