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of <h1>Customs Act Section 142A: Duty, penalty, and interest take priority over other claims on property, with some exceptions.</h1> Section 142A of the Customs Act, 1962 establishes that any amount of duty, penalty, interest, or other sum payable by an assessee or any other person under this Act will be the first charge on the property of the assessee or person. This priority is maintained notwithstanding any conflicting provisions in other Central or State Acts, except as provided in section 529A of the Companies Act, 1956, the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, and the Insolvency and Bankruptcy Code, 2016.
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