https://www.taxtmi.com/caselaws?id=249665 A statutory first charge under the sales tax law prevails over prior secured interests and the appropriation claim of a financial corporation. The State Financial Corporations Act, including its non obstante clause and scheme for sale proceeds, did not displace the tax statute's overriding charge. Applying the principle on competing non obstante clauses and statutory charges, the notification requiring a no objection certificate before sale of industrial units and deduction of sales tax from sale proceeds was treated as a valid recovery mechanism rather than an arbitrary exercise of power. The challenge to the notification failed and the writ petition was dismissed. en-us Fri, 13 Dec 2013 00:00:00 +0530 Sat, 19 Jul 2014 16:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249665 A statutory first charge under the sales tax law prevails over prior secured interests and the appropriation claim of a financial corporation. The State Financial Corporations Act, including its non obstante clause and scheme for sale proceeds, did not displace the tax statute's overriding charge. Applying the principle on competing non obstante clauses and statutory charges, the notification requiring a no objection certificate before sale of industrial units and deduction of sales tax from sale proceeds was treated as a valid recovery mechanism rather than an arbitrary exercise of power. The challenge to the notification failed and the writ petition was dismissed. Case-Laws VAT and Sales Tax Fri, 13 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249665