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Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
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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