Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
HC held that a cash credit account cannot be provisionally attached under Section 83 of MGST Act, as it represents a bank liability rather than a property belonging to the account holder. The court determined that the statutory language of "any property including bank account" does not encompass cash credit accounts. Relying on precedential decisions from Gujarat and Calcutta HCs, the court ruled the provisional attachment order as unauthorized, arbitrary, and illegal. The petition was consequently allowed, quashing the impugned order and preventing the attachment of the cash credit account.
HC held that a cash credit account cannot be provisionally attached under Section 83 of MGST Act, as it represents a bank liability rather than a property belonging to the account holder. The court determined that the statutory language of "any property including bank account" does not encompass cash credit accounts. Relying on precedential decisions from Gujarat and Calcutta HCs, the court ruled the provisional attachment order as unauthorized, arbitrary, and illegal. The petition was consequently allowed, quashing the impugned order and preventing the attachment of the cash credit account.
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