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2013 (8) TMI 195 - HC - Income TaxSecured debts - Whether realization of income-tax dues from the assesses under the Income Tax Act, 1961 will have priority over the secured debt in terms of the State Financial Corporations Act, 1951 - overriding charge - Held that:- Regard being had to the provisions of the State Financial Corporations Act, it is clear that a first charge on the property is created clearly giving priority to the dues of the said statutory authority over all other charges on the property, on the basis of the mortgage, since the Income Tax Act, 1961 does not provide for a priority to the statutory charge over all other charges including mortgage under the 'SFC Act' - Following decision of State Bank of Bikaner and Jaipur Vs. National Iron and Steel Rolling Corpn. [1994 (12) TMI 72 - SUPREME Court] - Decided in favour of petitioner.
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