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...
Priority of dues between the Central Excise Department and secured creditors in cases of attachment of properties for recovery. The Supreme Court held that the Central Excise Act, 1944 does not provide for a first charge on the assessee's property, giving priority to secured creditors' dues over excise dues. However, in the case of Sales Tax and VAT, the Supreme Court ruled that the State is a secured creditor under the Insolvency and Bankruptcy Code, 2016. The Debt Recovery Tribunal correctly dismissed the objections raised by the company regarding the order of attachment for recovery of dues by attaching properties, considering the legal position on priority of dues.
Priority of dues between the Central Excise Department and secured creditors in cases of attachment of properties for recovery. The Supreme Court held that the Central Excise Act, 1944 does not provide for a first charge on the assessee's property, giving priority to secured creditors' dues over excise dues. However, in the case of Sales Tax and VAT, the Supreme Court ruled that the State is a secured creditor under the Insolvency and Bankruptcy Code, 2016. The Debt Recovery Tribunal correctly dismissed the objections raised by the company regarding the order of attachment for recovery of dues by attaching properties, considering the legal position on priority of dues.
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