Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: due date for vat payment :: ACCOUNTING STANDARDS :: TDS :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ACCOUNTING STANDARD :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: VAT RATES :: cpt
 
 
Sales Tax »
 Modification of Circular No.1 of 2014 in view of substitution of Service Tax by Goods and Services Tax (GST).
 Assam government to dismantle all sales tax check-gates post Goods and Services Tax
 Income tax: How to calculate capital gains tax on sale of old jewellery
 Six arrested for posing as Sales Tax officers, extorting money
 Insurance Agency Mergers and Acquisitions in Q1 "Explode," OPTIS Partners' Report Reveals
 Sales tax sleuths raid spare parts shops in Meerut's infamous Sotiganj market
 Income Tax: How offshore income could be taxed twice
 India finalises bills to launch new sales tax in July
 NMC to implement new tax system from Apr 1a
 13 per cent sales tax boost post demonetisationa
 Arun Jaitley May Lower Corporate And Income Tax Rates But Hike The Service Tax Rate

Govt cannot claim precedence over properties of ST defaulter: HC
March, 03rd 2009

The Tamil Nadu government cannot claim precedence over properties of a sales tax defaulter who has secured bank finance unless the Sales Tax Act had a specific Provision creating first charge (first call on Property) in favour of the government, the Madurai bench of the Madras High Court ruled on Monday.

Justice Chitra Venkataraman, allowing a writ petition by the Tamil Nadu Mercantile Bank challenging a notice issued by the Commercial Tax department to hand over sale proceeds of a property said "Rajasthan and Maharashtra have enactments containing a specific provision creating first charge in favour of the Government. The Tamilnadu General Sales Tax Act, 1959, does not contain such an enactment."

She said the state's claim had to subserve that of the secured creditor (Bank or any other financial institution), which had the first claim over the state.

She said the Commercial taxes department had initiated proceedings against the Jewellery exporter under the revenue recovery act and attached his property for deaulting sales tax of Rs 80.72 lakh between 1993-98.

The attachment was published in 2000 and a notice to bring the property for sales was published in newspapers in 2001.

But the department came to know that TMB had already auctioned the property only last year.

Replying to a notice issued by Commercial tax officials, the TMB on March 24 2008 stated that the exporter had mortgaged the properties as early as October 29, 1993, much prior to the demand notice issued by the department to the exporter in 1998.

The exporter did not pay back the loan amount and hence the property was auctioned in 2006 in execution of a decree obtained from a debt recovery tribunal. The bank realised Rs 14.30 lakh as against the dues amounting to Rs 47.37 lakh.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions