Captive power transfer pricing and non-resident export commission rules support deletion of adjustments and withholding disallowance in discussed proc...
Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
Customs jurisdiction over EPCG condition breaches survives export-obligation discharge certificates, requiring alleged fraud and misdeclaration to be ...
Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
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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