Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
HC held that petitioner, as purchaser of corporate debtor's assets in liquidation, was not liable to pay previous owner's outstanding electricity dues directly to electricity distribution company. Court relied on Supreme Court precedent establishing that statutory dues to government entities must be treated separately from secured creditor claims and paid through IBC waterfall mechanism under Section 53. Electricity Act 2003 provisions do not override IBC due to Section 238's overriding effect. Respondents' demand for payment of previous owner's arrears was unjustified. HC directed respondents to refund Rs. 55,29,000 to petitioner with 6% interest from payment date, increasing to 12% if not paid within two months, and release remaining bank guarantee. Petition allowed.
HC held that petitioner, as purchaser of corporate debtor's assets in liquidation, was not liable to pay previous owner's outstanding electricity dues directly to electricity distribution company. Court relied on Supreme Court precedent establishing that statutory dues to government entities must be treated separately from secured creditor claims and paid through IBC waterfall mechanism under Section 53. Electricity Act 2003 provisions do not override IBC due to Section 238's overriding effect. Respondents' demand for payment of previous owner's arrears was unjustified. HC directed respondents to refund Rs. 55,29,000 to petitioner with 6% interest from payment date, increasing to 12% if not paid within two months, and release remaining bank guarantee. Petition allowed.
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