Transfer pricing comparables selection and working capital adjustment u/r 10B(1)(e)(iii), remanded for recomputation with rejected comparables include...
Company oppression/mismanagement petition amendments and maintainability after alleged share transfer and forgery claims; tribunal order quashed for l...
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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