Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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HC held that secured creditor's rights take precedence over government tax dues, affirming a fundamental banking law principle. The court validated the auction sale of two helicopters to petitioner, dismissing income tax department's objections. The hypothecation agreement predated the tax department's prohibitory order, establishing secured creditor's priority rights. Tax authorities' failure to object despite prior auction notice (dated 06.09.2023) constituted tacit acceptance. Court emphasized that attachment order cannot impede auction sale when secured creditor's rights are superior. The sequential requirement of "attachment and sale" under Section 222(1)(a) remained unfulfilled by tax authorities who only issued prohibitory order without proceeding to sale. Petitions allowed, confirming petitioner's rightful acquisition through auction.
HC held that secured creditor's rights take precedence over government tax dues, affirming a fundamental banking law principle. The court validated the auction sale of two helicopters to petitioner, dismissing income tax department's objections. The hypothecation agreement predated the tax department's prohibitory order, establishing secured creditor's priority rights. Tax authorities' failure to object despite prior auction notice (dated 06.09.2023) constituted tacit acceptance. Court emphasized that attachment order cannot impede auction sale when secured creditor's rights are superior. The sequential requirement of "attachment and sale" under Section 222(1)(a) remained unfulfilled by tax authorities who only issued prohibitory order without proceeding to sale. Petitions allowed, confirming petitioner's rightful acquisition through auction.
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