Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
Cross country pipeline classification and ITC entitlement: pipelines outside factory treated as immovable, ITC disallowed under Section 17 restriction...
Effect of a bankruptcy commencement order: the bankruptcy trustee is entrusted with administration and distribution of the bankrupts estate, and assets taken into the estate are for distribution among creditors, so an application to defreeze accounts was rightly rejected. Amounts credited to the debtors account after the bankruptcy commencement date do not automatically vest in the trustee and must be released to the bankrupt if the trustee has not asserted a claim by giving the prescribed notice; the bankrupt may apply to the adjudicating authority for directed release of specific sums for legitimate needs, to be considered with opportunity to the trustee.
Effect of a bankruptcy commencement order: the bankruptcy trustee is entrusted with administration and distribution of the bankrupts estate, and assets taken into the estate are for distribution among creditors, so an application to defreeze accounts was rightly rejected. Amounts credited to the debtors account after the bankruptcy commencement date do not automatically vest in the trustee and must be released to the bankrupt if the trustee has not asserted a claim by giving the prescribed notice; the bankrupt may apply to the adjudicating authority for directed release of specific sums for legitimate needs, to be considered with opportunity to the trustee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
