Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
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.
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