International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
CESTAT allowed the appeal filed by the auction-purchaser, holding that recovery of pre-liquidation dues such as excise and customs duties from the purchaser of the company's assets is impermissible. It held that, in a liquidation sale conducted under the Companies Act, 1956, only sales tax is payable by the purchaser and all other pre-liquidation statutory dues stand settled in accordance with that Act, with no surviving claim against the auction-purchaser. In the absence of any overriding non-obstante clause in the relevant fiscal statutes, the department cannot bypass the official liquidator. The demand notices issued to the appellant-auction-purchaser were, therefore, held to be without jurisdiction and set aside.
CESTAT allowed the appeal filed by the auction-purchaser, holding that recovery of pre-liquidation dues such as excise and customs duties from the purchaser of the company's assets is impermissible. It held that, in a liquidation sale conducted under the Companies Act, 1956, only sales tax is payable by the purchaser and all other pre-liquidation statutory dues stand settled in accordance with that Act, with no surviving claim against the auction-purchaser. In the absence of any overriding non-obstante clause in the relevant fiscal statutes, the department cannot bypass the official liquidator. The demand notices issued to the appellant-auction-purchaser were, therefore, held to be without jurisdiction and set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
