Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Composite inpatient healthcare supply may retain exemption despite MRP medicine billing, while separate taxable sale characterisation remains disputed...
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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