First charge on property - tax, penalty and interest take priority over other contractual claims under the Act. Any amount due under the Act for tax, penalty, interest, composition money, forfeited sums, fines or other sums payable by a dealer or other person ... Summary
First charge on property - tax, penalty and interest take priority over other contractual claims under the Act.
Any amount due under the Act for tax, penalty, interest, composition money, forfeited sums, fines or other sums payable by a dealer or other person constitutes a first charge on the property of that dealer or person, notwithstanding any contract to the contrary, subject to any Central Act provision regarding creation of a first charge.
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