Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
SC held that statutory "first charge" created under S.11(2) EPF&MP Act over the assets of an establishment for provident fund dues prevails over the priority granted to secured creditors under Ss.26E, 35 and 13 of the SARFAESI Act. While SARFAESI is later in time and contains a non-obstante clause, the Court ruled that mere priority cannot override a legislatively created first charge. The secured creditor (appellant-bank) is permitted to proceed with auction of the secured assets; however, from the sale proceeds, provident fund dues must be discharged first, followed by the bank's secured debt. Workmen are granted liberty to approach the competent authority under the MRTU & PULP Act for determination of their dues, to be considered without reference to earlier delay. The impugned judgment is set aside and the appeal is allowed.
SC held that statutory "first charge" created under S.11(2) EPF&MP Act over the assets of an establishment for provident fund dues prevails over the priority granted to secured creditors under Ss.26E, 35 and 13 of the SARFAESI Act. While SARFAESI is later in time and contains a non-obstante clause, the Court ruled that mere priority cannot override a legislatively created first charge. The secured creditor (appellant-bank) is permitted to proceed with auction of the secured assets; however, from the sale proceeds, provident fund dues must be discharged first, followed by the bank's secured debt. Workmen are granted liberty to approach the competent authority under the MRTU & PULP Act for determination of their dues, to be considered without reference to earlier delay. The impugned judgment is set aside and the appeal is allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
