Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
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The HC held that upon sale of the corporate debtor in liquidation as a going concern on a "clean state" basis, all pre-sale dues stand frozen and are extinguished, with creditors' entitlements confined to the Section 53 waterfall; accordingly liability of Petitioner No.1 for tax, interest and penalty for periods prior to the sale cannot be adjudicated outside the insolvency framework. The tax proceedings initiated against the petitioner for FY 2019-2020 were held to be impermissible, the impugned assessment/order was quashed, and the petition disposed of, confirming that a purchaser of the corporate debtor as a going concern is not saddled with antecedent liabilities.
The HC held that upon sale of the corporate debtor in liquidation as a going concern on a "clean state" basis, all pre-sale dues stand frozen and are extinguished, with creditors' entitlements confined to the Section 53 waterfall; accordingly liability of Petitioner No.1 for tax, interest and penalty for periods prior to the sale cannot be adjudicated outside the insolvency framework. The tax proceedings initiated against the petitioner for FY 2019-2020 were held to be impermissible, the impugned assessment/order was quashed, and the petition disposed of, confirming that a purchaser of the corporate debtor as a going concern is not saddled with antecedent liabilities.
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