Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Insolvency and BankruptcyFebruary 7, 2024Case LawsHC
Jurisdiction - power of NCLT to declare the VAT / Tax assessment order as void ab initio under Section 33(5) of IBC - In view the judgement of the Supreme Court, the High Court held that, U/s 238, the provisions of IBC have an overriding effect on any other law for the time being in force or any instrument having effect by virtue of any law. After declaring the moratorium, there is an embargo on enforcing the demand, but there is no embargo u/s 14, r.w.s 33(5) of the IBC, for determining the quantum of tax and other levies, if any, against the Corporate Debtor. The Order shows the lack of basic understanding of the law.
Jurisdiction - power of NCLT to declare the VAT / Tax assessment order as void ab initio under Section 33(5) of IBC - In view the judgement of the Supreme Court, the High Court held that, U/s 238, the provisions of IBC have an overriding effect on any other law for the time being in force or any instrument having effect by virtue of any law. After declaring the moratorium, there is an embargo on enforcing the demand, but there is no embargo u/s 14, r.w.s 33(5) of the IBC, for determining the quantum of tax and other levies, if any, against the Corporate Debtor. The Order shows the lack of basic understanding of the law.
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TaxTMI 
TaxTMI 
