Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Page of 4805
Press 'Enter' after typing page number.
1221 to 1240 of 96092 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Insolvency and BankruptcyApril 22, 2024Case LawsAT
Release of assets (machines) seized by the Customs Authorities before initiation of CIRP - The tribunal found that the goods were lawfully confiscated under the Customs Act before the initiation of the CIRP. Therefore, the goods were no longer the property of the Corporate Debtor by the time the RP sought their release. It was noted that the order for confiscation was made after a proper show-cause notice and was not contested by the Corporate Debtor at that time. - The tribunal clarified that the ownership of the confiscated goods vested with the government immediately upon confiscation, irrespective of whether the redemption fine was paid. The option to redeem the goods by paying the fine was a separate matter that did not affect the fundamental status of ownership transfer upon confiscation.
Release of assets (machines) seized by the Customs Authorities before initiation of CIRP - The tribunal found that the goods were lawfully confiscated under the Customs Act before the initiation of the CIRP. Therefore, the goods were no longer the property of the Corporate Debtor by the time the RP sought their release. It was noted that the order for confiscation was made after a proper show-cause notice and was not contested by the Corporate Debtor at that time. - The tribunal clarified that the ownership of the confiscated goods vested with the government immediately upon confiscation, irrespective of whether the redemption fine was paid. The option to redeem the goods by paying the fine was a separate matter that did not affect the fundamental status of ownership transfer upon confiscation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
