Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
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The court held that the petitioner-bank's registered security interest with CERSAI, dated 17th March 2017, has priority over the dues claimed by the GST and Sales Tax Departments. The order of attachment issued by the Sales Tax Department is dated 19th April 2022, after the bank's security interest registration. As per Section 26-E of the SARFAESI Act and the ratio laid down by the Full Bench and Division Bench judgments cited, the secured creditor's claim, i.e., the petitioner-bank's claim, will have preference over the respondents' (GST Department and Sales Tax Department) claims. Consequently, the petition was allowed.
The court held that the petitioner-bank's registered security interest with CERSAI, dated 17th March 2017, has priority over the dues claimed by the GST and Sales Tax Departments. The order of attachment issued by the Sales Tax Department is dated 19th April 2022, after the bank's security interest registration. As per Section 26-E of the SARFAESI Act and the ratio laid down by the Full Bench and Division Bench judgments cited, the secured creditor's claim, i.e., the petitioner-bank's claim, will have preference over the respondents' (GST Department and Sales Tax Department) claims. Consequently, the petition was allowed.
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