Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Refusal by the registering authority to register a sale deed arising from a SARFAESI e-auction on the ground of a subsequent attachment entry was held unlawful because such attachment/rapat is only an administrative note and does not adjudicate rights or override the secured creditor's prior statutory mortgage and charge. Relying on settled law that secured creditors have priority even over State "crown debts" and consistent precedent in similar auction-purchaser situations, the secured creditor's prior charge over State tax dues was affirmed, and the registering authority could not defeat the SARFAESI sale. The writ was allowed and costs were imposed on the State for unjustified delay. - HC
Refusal by the registering authority to register a sale deed arising from a SARFAESI e-auction on the ground of a subsequent attachment entry was held unlawful because such attachment/rapat is only an administrative note and does not adjudicate rights or override the secured creditor's prior statutory mortgage and charge. Relying on settled law that secured creditors have priority even over State "crown debts" and consistent precedent in similar auction-purchaser situations, the secured creditor's prior charge over State tax dues was affirmed, and the registering authority could not defeat the SARFAESI sale. The writ was allowed and costs were imposed on the State for unjustified delay. - HC
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