Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Recovery of Tax dues - First charge - Section 77 of the U.P. VAT Act - Overriding effect of IBC - Sovereign power of the State to enable the State - Most of the demands against the petitioner is subsequent to the effective date, i.e. 15.05.2018 when the adjudicating authority passed the order under Section 31 of the IBC. Therefore, for the purposes of the present case, the relevant date would be when the assessment orders were passed followed by demand notice and not the taxable event - when the interim orders were discharged, the right of the State to recover the amount has accrued. - HC
Recovery of Tax dues - First charge - Section 77 of the U.P. VAT Act - Overriding effect of IBC - Sovereign power of the State to enable the State - Most of the demands against the petitioner is subsequent to the effective date, i.e. 15.05.2018 when the adjudicating authority passed the order under Section 31 of the IBC. Therefore, for the purposes of the present case, the relevant date would be when the assessment orders were passed followed by demand notice and not the taxable event - when the interim orders were discharged, the right of the State to recover the amount has accrued. - HC
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