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...
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A sanctioned scheme of demerger vests specified assets in the resulting companies; those vested assets cannot be attached to satisfy the tax liability of the demerged transferor. The attachment impugned was held unsustainable as it targeted property vested in a resulting company, but the tax authority remains competent to attach those vested assets independently to recover the resulting company's own Wealth Tax liability. The petitioner is protected from penal consequences while statutory appeals filed under the Wealth Tax Act remain pending. Writ petition partly allowed with liberty as stated.
A sanctioned scheme of demerger vests specified assets in the resulting companies; those vested assets cannot be attached to satisfy the tax liability of the demerged transferor. The attachment impugned was held unsustainable as it targeted property vested in a resulting company, but the tax authority remains competent to attach those vested assets independently to recover the resulting company's own Wealth Tax liability. The petitioner is protected from penal consequences while statutory appeals filed under the Wealth Tax Act remain pending. Writ petition partly allowed with liberty as stated.
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