Section 88 - Liability under Act to be first charge - Finance Act, 1994

[1] 88. Liability under Act to be first charge.- Notwithstanding anything to the contrary contained in any Central Act or State Act, any amount of 2 [tax], penalty, interest, or any other sum payable by an assessee or any other person under this Chapter, shall, save as otherwise provided in section 529A of the Companies Act, 1956 (1 of 1956) and the Recovery of Debts Due to Banks and the Financial Institutions Act, 1993 (51 of 1993) 3 [and the Securitisation and Reconstruction of Financial Assets and the Enforcement of Security Interest Act, 2002 (54 of 2002)], be the first charge on the property of the assessee or the person as the case may be. *********** Notes: 1. Inserted vide Finance Act, 2011, w.e.f. 8-4-2011 2. Substituted vide Finance Act, 2012, w.e.f. 28-5-2012, before it was read as, duty 3. As Amended vide Insolvency and Bankruptcy Code, 2016, SIXTH SCHEDULE, before it was read as, and the Securitisation and Reconstruction of Financial Assets and the Enforcement of Security Interest Act, 2002 (54 of 2002)