Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
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The Karnataka High Court addressed the issue of a Sub-Registrar refusing registration of a sale certificate due to pending Income Tax dues against the borrowers. The court held that the SARFAESI Act takes precedence over other statutory dues, including those of the Income Tax Department. Citing a Supreme Court case, it was established that the dues of secured creditors have priority over other dues. The Sub-Registrar's refusal based on Income Tax dues was deemed invalid as it exceeded the authority granted by the Registration Act and Rules. The court emphasized that Sub-Registrars must adhere strictly to the law and cannot refuse registration without valid reasons. It was recommended that the State issue necessary guidelines to prevent arbitrary refusals. The writ petition was allowed in favor of the petitioner.
The Karnataka High Court addressed the issue of a Sub-Registrar refusing registration of a sale certificate due to pending Income Tax dues against the borrowers. The court held that the SARFAESI Act takes precedence over other statutory dues, including those of the Income Tax Department. Citing a Supreme Court case, it was established that the dues of secured creditors have priority over other dues. The Sub-Registrar's refusal based on Income Tax dues was deemed invalid as it exceeded the authority granted by the Registration Act and Rules. The court emphasized that Sub-Registrars must adhere strictly to the law and cannot refuse registration without valid reasons. It was recommended that the State issue necessary guidelines to prevent arbitrary refusals. The writ petition was allowed in favor of the petitioner.
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