https://www.taxtmi.com/caselaws?id=141066 Section 39 of the Bombay Sales Tax Act, 1959 could not be used to recover tax dues from trustees or their banker where business assets had been validly assigned under a deed of arrangement for the benefit of creditors. The arrangement transferred legal ownership of the assets and sale proceeds to the trustees for realisation and distribution, so they were neither agents nor successors of the defaulting dealers. As the bank did not hold money due to, or on account of, the dealers, the foundational for invoking section 39 was absent. The recovery notices were therefore without jurisdiction and liable to be set aside. en-us Fri, 04 Dec 1964 00:00:00 +0530 Thu, 18 Apr 2013 16:28:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=141066 Section 39 of the Bombay Sales Tax Act, 1959 could not be used to recover tax dues from trustees or their banker where business assets had been validly assigned under a deed of arrangement for the benefit of creditors. The arrangement transferred legal ownership of the assets and sale proceeds to the trustees for realisation and distribution, so they were neither agents nor successors of the defaulting dealers. As the bank did not hold money due to, or on account of, the dealers, the foundational for invoking section 39 was absent. The recovery notices were therefore without jurisdiction and liable to be set aside. Case-Laws VAT and Sales Tax Fri, 04 Dec 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=141066