Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
NCLAT partly allowed the appeal, setting aside the Adjudicating Authority's waiver of interest on the balance sale consideration. It held that Schedule I Rule 12 of the Liquidation Process Regulations is mandatory, requiring payment of the balance sale consideration within 30 days, failing which 12% interest is payable, with an outer limit of 90 days (extendable only by the AA, not the Liquidator). The Successful Auction Purchaser, having delayed payment beyond 30 days from the Sale Confirmation Advice dated 29.12.2022, was held liable to pay 12% interest on the unpaid balance from expiry of 30 days until 15.06.2023, when extension was granted, to be paid within two weeks.
NCLAT partly allowed the appeal, setting aside the Adjudicating Authority's waiver of interest on the balance sale consideration. It held that Schedule I Rule 12 of the Liquidation Process Regulations is mandatory, requiring payment of the balance sale consideration within 30 days, failing which 12% interest is payable, with an outer limit of 90 days (extendable only by the AA, not the Liquidator). The Successful Auction Purchaser, having delayed payment beyond 30 days from the Sale Confirmation Advice dated 29.12.2022, was held liable to pay 12% interest on the unpaid balance from expiry of 30 days until 15.06.2023, when extension was granted, to be paid within two weeks.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
