https://www.taxtmi.com/caselaws?id=185095 The Court held that the charges created by the borrowers in favor of the Banks are saved under the proviso to Sec.281(1) of the Income Tax Act, 1961. The mortgages were created for adequate consideration and without notice of pending tax proceedings, falling under the exception provided in the proviso. As a result, the Court dismissed the writ petitions filed by the Income Tax Department, ruling that the mortgages are not void against the tax claims of the Department. en-us Tue, 06 Sep 2011 00:00:00 +0530 Sat, 30 Jul 2016 14:58:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185095 The Court held that the charges created by the borrowers in favor of the Banks are saved under the proviso to Sec.281(1) of the Income Tax Act, 1961. The mortgages were created for adequate consideration and without notice of pending tax proceedings, falling under the exception provided in the proviso. As a result, the Court dismissed the writ petitions filed by the Income Tax Department, ruling that the mortgages are not void against the tax claims of the Department. Case-Laws Income Tax Tue, 06 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185095