Initiation of Recovery proceedings - transfer of goods, plant, ...

VAT and Sales Tax

September 20, 2022

Initiation of Recovery proceedings - transfer of goods, plant, and machinery (immoveable property) - bonafide purchaser - the assessment proceedings were concluded in the year 1984 and the same was reopened in the year 1988. The recovery certificate was issued against the original assessee on 15.04.1990. Thus, at the time of transfer of immoveable property of the assessee which was for value/consideration, no proceedings under the Act were pending, Section 34 of the Act shall not be applicable. - SC

View Source

← Previous Next →

Initiation of Recovery proceedings - transfer of goods, plant, ...

VAT and Sales Tax

September 20, 2022

You may also like:

Input tax credit - inputs / capital goods / input services - Solar Power Generating Plant of the applicant qualify as 'plant and machinery' as it falls under machinery -...

Input tax credit - land filling pit can be considered as ‘Plant and machinery’ or as ‘civil structure’ - In the second explanation given in Section 17, while providing...

Scope of term Goods u/s 2 (d) of the Act - Taxation of Transfer of Right to use goods - besides plants and machinery, entire land and building was leased out and there...

Depreciation on electrical fitting - plant and machinery v/s furniture and fixtures - It is necessary to have electrical fittings for the power supply to the machineries...

Depreciation on electric installations - to be classified as Furniture or Plant & Machinery - assessee failed to prove that electrical installations which are claimed to...

Recovery proceedings - initiation of recovery proceeding for not disposal of the stay applications before this Tribunal for no fault of the assesses, is unfair and unwarranted - AT

Exemption u/s 10A - Percentage of new plant and machinery and old machinery - inclusion of plant and machinery received on returnable basis for determination of percentage - HC

Initiation of CIRP - Period of limitation - It is now well settled that the provisions of the Limitation Act are applicable to proceedings under the IBC as far as may be...

Depreciation - plant and machinery could not be used during the year due to shifting / relocation of plant - Though, the unit could not generate revenue during the year...

Stamp duty - Asserting value of immovable property - Comprehensive sale of all the assets and, in a single transaction - the sale deed operated to convey the rights over...

Disallowance of depreciation claimed by the assessee u/s 32 on the fixed assets acquired/purchased during the year - asset put to use or not? - Once a new factory has...

Disallowance of excess depreciation of electrical installation - since the assessee is engaged in manufacturing of cotton yarn and the electrical installation for which...

Disallowance of depreciation of plant and machinery - even assuming for a moment, the asset was not put to use in the business of the assessee, but when the plant and...

Depreciation on block of assets @60% - AO held that the media resource board is plant and machinery but is not a computer by holding it to be a telecom equipment and...

Disallowance of depreciation - revenue doubts existence of plant and machinery - assessee has neither able to substantiate by way of any agreements entered into by it,...

Quick Updates: