https://www.taxtmi.com/caselaws?id=762714 NCLAT allowed the appeal, setting aside the Adjudicating Authority's order directing refund of Rs.17,12,094/-. The tribunal held that VE Commercial Vehicles Limited's VAT deposit to reverse input tax benefits did not constitute a preferential transaction under Section 43 IBC, as no transaction was made by the Corporate Debtor. The deposit also did not violate Section 14 moratorium provisions since the Commercial Tax Department recovered funds from the entity that claimed input tax benefits, not from the Corporate Debtor or its assets. en-us Thu, 05 Dec 2024 00:00:00 +0530 Fri, 06 Dec 2024 08:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762714 NCLAT allowed the appeal, setting aside the Adjudicating Authority's order directing refund of Rs.17,12,094/-. The tribunal held that VE Commercial Vehicles Limited's VAT deposit to reverse input tax benefits did not constitute a preferential transaction under Section 43 IBC, as no transaction was made by the Corporate Debtor. The deposit also did not violate Section 14 moratorium provisions since the Commercial Tax Department recovered funds from the entity that claimed input tax benefits, not from the Corporate Debtor or its assets. Case-Laws IBC Thu, 05 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762714