https://www.taxtmi.com/caselaws?id=346182 A secured creditor enforcing a mortgagee's assigned rights was treated as having priority over Income Tax Department attachment and tax recovery claims against the secured assets. The assignment was characterised as an assignment of security interest, not a sale transaction, and the objection based on Section 281 and income-tax recovery provisions was rejected. The stated principle was that a secured creditor's right to realise secured debt by sale of charged property prevails over government dues, including tax, cesses and rates, and that later statutory recognition of this priority applies to pending disputes. en-us Tue, 18 Jul 2017 00:00:00 +0530 Sat, 05 Aug 2017 07:33:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346182 A secured creditor enforcing a mortgagee's assigned rights was treated as having priority over Income Tax Department attachment and tax recovery claims against the secured assets. The assignment was characterised as an assignment of security interest, not a sale transaction, and the objection based on Section 281 and income-tax recovery provisions was rejected. The stated principle was that a secured creditor's right to realise secured debt by sale of charged property prevails over government dues, including tax, cesses and rates, and that later statutory recognition of this priority applies to pending disputes. Case-Laws Income Tax Tue, 18 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346182