https://www.taxtmi.com/caselaws?id=110806 Section 38C of the Bombay Sales Tax Act creates a first charge on a dealer's property for tax-related dues, subject only to a contrary first charge under a Central Act. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act is only an enforcement mechanism for secured assets and does not itself create a first charge in favour of a bank. As the two statutes operate in different fields and no inconsistent Central Act provision confers priority on the secured creditor, the sales tax first charge prevails over the bank's mortgage-based claim. en-us Tue, 18 Apr 2006 00:00:00 +0530 Mon, 11 Mar 2024 10:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110806 Section 38C of the Bombay Sales Tax Act creates a first charge on a dealer's property for tax-related dues, subject only to a contrary first charge under a Central Act. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act is only an enforcement mechanism for secured assets and does not itself create a first charge in favour of a bank. As the two statutes operate in different fields and no inconsistent Central Act provision confers priority on the secured creditor, the sales tax first charge prevails over the bank's mortgage-based claim. Case-Laws Companies Law Tue, 18 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110806