https://www.taxtmi.com/caselaws?id=155277 Where a secured creditor and the Sales Tax Department assert rival claims over sale proceeds of pledged vehicles, the Court recognised that entitlement may be determined by apportioning the realised amount between them. The vehicles had been pledged to the petitioner-bank against an overdraft facility, while the taxing authority also claimed sales tax dues from the same borrowers. The Court directed distribution of the sale proceeds in specified shares and ordered release of the fixed deposit amount after maturity with accrued interest until payment, thereby settling the competing claims by allocation of the available funds. en-us Thu, 19 Nov 1987 00:00:00 +0530 Mon, 02 Sep 2013 18:22:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=155277 Where a secured creditor and the Sales Tax Department assert rival claims over sale proceeds of pledged vehicles, the Court recognised that entitlement may be determined by apportioning the realised amount between them. The vehicles had been pledged to the petitioner-bank against an overdraft facility, while the taxing authority also claimed sales tax dues from the same borrowers. The Court directed distribution of the sale proceeds in specified shares and ordered release of the fixed deposit amount after maturity with accrued interest until payment, thereby settling the competing claims by allocation of the available funds. Case-Laws VAT and Sales Tax Thu, 19 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=155277