Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
Insolvency and BankruptcyAugust 29, 2022Case LawsSC
CIRP - Recovery of customs duty - adjudication of Bill of entry after initiation of Corporate Insolvency process - priority of IBC over the Customs Act - It is to be noted that the Customs Act and the IBC act in their own spheres. In case of any conflict, the IBC overrides the Customs Act. - the Customs department could only initiate assessment or reassessment of the duties and other levies. They cannot transgress such boundary and proceed to initiate recovery in violation of Sections 14 or 33(5) of the IBC - SC
CIRP - Recovery of customs duty - adjudication of Bill of entry after initiation of Corporate Insolvency process - priority of IBC over the Customs Act - It is to be noted that the Customs Act and the IBC act in their own spheres. In case of any conflict, the IBC overrides the Customs Act. - the Customs department could only initiate assessment or reassessment of the duties and other levies. They cannot transgress such boundary and proceed to initiate recovery in violation of Sections 14 or 33(5) of the IBC - SC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
Join Channel 
