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...
The court held that the petitioner-bank's registered security interest with CERSAI, dated 17th March 2017, has priority over the dues claimed by the GST and Sales Tax Departments. The order of attachment issued by the Sales Tax Department is dated 19th April 2022, after the bank's security interest registration. As per Section 26-E of the SARFAESI Act and the ratio laid down by the Full Bench and Division Bench judgments cited, the secured creditor's claim, i.e., the petitioner-bank's claim, will have preference over the respondents' (GST Department and Sales Tax Department) claims. Consequently, the petition was allowed.
The court held that the petitioner-bank's registered security interest with CERSAI, dated 17th March 2017, has priority over the dues claimed by the GST and Sales Tax Departments. The order of attachment issued by the Sales Tax Department is dated 19th April 2022, after the bank's security interest registration. As per Section 26-E of the SARFAESI Act and the ratio laid down by the Full Bench and Division Bench judgments cited, the secured creditor's claim, i.e., the petitioner-bank's claim, will have preference over the respondents' (GST Department and Sales Tax Department) claims. Consequently, the petition was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
