Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
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...
The court addressed the challenge to the order of attachment and the priority of charge between the Multi-State Co-operative Bank and the Sales Tax Department for recovery of dues u/s 26(E) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The court held that the Sales Tax Department failed to provide evidence that the attachment of the secured asset complied with the Maharashtra Land Revenue Code, 1966 and its Rules. Following the Full Bench decision in Jalgaon Janta Sahakari Bank Ltd, an attachment under the Code requires a proclamation per the Rules. Absent adherence to this procedure, the Sales Tax Department cannot claim priority over the order of attachment predating 24/01/2020. The affidavit filed by the Sales Tax Department remained silent on this issue. Consequently, the petition was allowed.
The court addressed the challenge to the order of attachment and the priority of charge between the Multi-State Co-operative Bank and the Sales Tax Department for recovery of dues u/s 26(E) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The court held that the Sales Tax Department failed to provide evidence that the attachment of the secured asset complied with the Maharashtra Land Revenue Code, 1966 and its Rules. Following the Full Bench decision in Jalgaon Janta Sahakari Bank Ltd, an attachment under the Code requires a proclamation per the Rules. Absent adherence to this procedure, the Sales Tax Department cannot claim priority over the order of attachment predating 24/01/2020. The affidavit filed by the Sales Tax Department remained silent on this issue. Consequently, the petition was allowed.
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