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of <h1>Finance Act, 1994: Tax Liability as First Charge on Property; Exceptions Include Companies Act and Recovery of Debts Act.</h1> Liability under the Finance Act, 1994, is established as the first charge on an assessee's property for any tax, penalty, interest, or other sums payable, overriding contrary provisions in any Central or State Act. Exceptions include provisions in section 529A of the Companies Act, 1956, the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Amendments were made by the Finance Act, 2011 and 2012, and the Insolvency and Bankruptcy Code, 2016, to refine these provisions.
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