Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
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An earlier registered bank security interest prevailed over a later statutory tax lien where the bank's charge was created and registered in 2012 and the tax department's lien arose only in 2019. The Tribunal held that once the secured creditor elected under Section 52(1)(b) to realise its security outside the liquidation estate, and the liquidator verified that interest under Section 52(3), the later lien could not obstruct enforcement. It distinguished Rainbow Papers as not deciding priority against a prior perfected secured creditor. The liquidator's conduct was found bona fide and within statutory authority, as the tax claim had been admitted and later reclassified in line with the evolving legal position, and the adverse observations against him were expunged.
An earlier registered bank security interest prevailed over a later statutory tax lien where the bank's charge was created and registered in 2012 and the tax department's lien arose only in 2019. The Tribunal held that once the secured creditor elected under Section 52(1)(b) to realise its security outside the liquidation estate, and the liquidator verified that interest under Section 52(3), the later lien could not obstruct enforcement. It distinguished Rainbow Papers as not deciding priority against a prior perfected secured creditor. The liquidator's conduct was found bona fide and within statutory authority, as the tax claim had been admitted and later reclassified in line with the evolving legal position, and the adverse observations against him were expunged.
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