Assessment time-barred u/s 153 due to missing competent-authority reference for Singapore exchange of information; assessment disallowed as barred by ...
Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
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 4826 
Join Channel 
