https://www.taxtmi.com/caselaws?id=235900 A State Financial Corporation's secured claim over mortgaged property was treated as having priority over income-tax dues under the State Financial Corporations Act, 1951. The court reasoned that the Act's non obstante framework and enforcement powers primed the Corporation's right to recover its dues, while the Income-tax Act, 1961 and Second Schedule did not create a first charge for the tax department. The tax attachment therefore could not defeat the Corporation's right to sell the secured assets, and any surplus after recovery was to be remitted to the Income-tax Department. en-us Wed, 13 Mar 2013 00:00:00 +0530 Thu, 08 Aug 2013 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235900 A State Financial Corporation's secured claim over mortgaged property was treated as having priority over income-tax dues under the State Financial Corporations Act, 1951. The court reasoned that the Act's non obstante framework and enforcement powers primed the Corporation's right to recover its dues, while the Income-tax Act, 1961 and Second Schedule did not create a first charge for the tax department. The tax attachment therefore could not defeat the Corporation's right to sell the secured assets, and any surplus after recovery was to be remitted to the Income-tax Department. Case-Laws Income Tax Wed, 13 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235900