Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
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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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