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2017 (8) TMI 487 - HC - Income TaxTax Recovery proceedings - priority over other dues / secured creditors - attaching a particular immovable property for the pending dues of the Income Tax department - Held that:- The facts are not seriously in dispute. The borrower had created security interest in an immovable property by executing an equitable mortgage for availing cash credit facility from the petitioner bank. This was done on 24.11.2010. At that time, neither the assessment nor the income tax dues of the borrower were in picture. The dues which the Revenue now seeks to recover through the property in question, we are informed, pertain to assessment year 2012-13. In that view of the matter and in view of section 31B of the Recovery of Debts and Bankruptcy Act 1993, the Revenue cannot prevent the petitioner-bank as a secured creditor from realizing its unpaid dues through sale of secured asset.
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