The agreement was subject to
“any other rules for the time being in force”. BSE has formulated
byelaws, which, among others, provide for arbitration to be
carried out in a particular manner.
Power to attach property should
not be exercised unless there is sufficient material on record
to justify the apprehension that the assessee may dispose of
his property to thwart collection of tax dues.
Validity of a validating law
depends upon whether the legislature in making validation removes
the defect which the courts had found in the existing law and
makes adequate provisions for a valid imposition of the tax.
Duty credit can be utilised
for payment of duty on any goods, for which credit is taken.
These goods need not be exempted goods but will be those goods
on which duty is payable under the Act.
