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Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
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.
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