SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
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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TaxTMI 
TaxTMI 
of 4894 
