Religious purpose exclusion versus charitable purpose: non overriding religious objects do not attract Explanation 3, registration directed under sect...
Search-assessment proviso jurisdiction, time-barred valuation reports, and denial of cross-examination vitiate valuation-based and confession-based ad...
Proceeds of crime: provisional attachment confirmed; equivalent value attachment and acquisition date fair market value upheld, Covid exclusion preser...
The note addresses whether a confirmed tax-sale transfers title when an insolvency moratorium later commences. It explains that under the Second Schedule and attendant rules, confirmation of a tax sale vests absolute title in the auction purchaser once purchase money is deposited; issuance of the sale certificate is a ministerial formality and merely evidences the date of vesting. Accordingly, a moratorium on proceedings under insolvency law cannot retrospectively nullify a sale that had already become absolute at confirmation. The practical effect is that confirmed sales completed before CIRP commencement remain effective and cannot be set aside by the moratorium.
The note addresses whether a confirmed tax-sale transfers title when an insolvency moratorium later commences. It explains that under the Second Schedule and attendant rules, confirmation of a tax sale vests absolute title in the auction purchaser once purchase money is deposited; issuance of the sale certificate is a ministerial formality and merely evidences the date of vesting. Accordingly, a moratorium on proceedings under insolvency law cannot retrospectively nullify a sale that had already become absolute at confirmation. The practical effect is that confirmed sales completed before CIRP commencement remain effective and cannot be set aside by the moratorium.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4807
Join Channel
TaxTMI 
