Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
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Under the Insolvency and Bankruptcy Code (IBC), the Corporate Insolvency Resolution Process (CIRP) was initiated against the first petitioner-company, and a moratorium was imposed, prohibiting any creation of charge on its properties during the CIRP period. Despite this, the respondents created a charge on the petitioner's properties, violating the IBC's provisions. Subsequently, an acquisition plan for the petitioner-company was approved by the NCLT, extinguishing all existing debts, including tax dues owed to the respondents. The IBC's "Clean Slate" principle mandates the extinguishment of all government dues upon approval of a resolution/acquisition plan. The respondents' claim of priority for tax dues as "Crown Debt" was rejected. The High Court issued a mandamus, directing the removal of the respondents' charge/red entries on the petitioner's properties, as their actions were illegal and arbitrary under the IBC.
Under the Insolvency and Bankruptcy Code (IBC), the Corporate Insolvency Resolution Process (CIRP) was initiated against the first petitioner-company, and a moratorium was imposed, prohibiting any creation of charge on its properties during the CIRP period. Despite this, the respondents created a charge on the petitioner's properties, violating the IBC's provisions. Subsequently, an acquisition plan for the petitioner-company was approved by the NCLT, extinguishing all existing debts, including tax dues owed to the respondents. The IBC's "Clean Slate" principle mandates the extinguishment of all government dues upon approval of a resolution/acquisition plan. The respondents' claim of priority for tax dues as "Crown Debt" was rejected. The High Court issued a mandamus, directing the removal of the respondents' charge/red entries on the petitioner's properties, as their actions were illegal and arbitrary under the IBC.
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