https://www.taxtmi.com/caselaws?id=384167 A secured creditor under SARFAESI was held entitled to priority over an income-tax attachment, so the attachment over the mortgaged property could not be continued and the sale certificate could be registered. The property had been mortgaged by a corporate guarantor for the borrower's loan, and the bank had already effected a sale in favour of a successful bidder. The Court noted that a secured creditor's claim prevails over other dues, including Crown debts, and that the attached property belonged to the corporate guarantor, who was not the tax defaulter. On that basis, the tax attachment was not justified for recovery of the borrower's tax liability. en-us Mon, 07 Jan 2019 00:00:00 +0530 Wed, 07 Aug 2019 09:24:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384167 A secured creditor under SARFAESI was held entitled to priority over an income-tax attachment, so the attachment over the mortgaged property could not be continued and the sale certificate could be registered. The property had been mortgaged by a corporate guarantor for the borrower's loan, and the bank had already effected a sale in favour of a successful bidder. The Court noted that a secured creditor's claim prevails over other dues, including Crown debts, and that the attached property belonged to the corporate guarantor, who was not the tax defaulter. On that basis, the tax attachment was not justified for recovery of the borrower's tax liability. Case-Laws Income Tax Mon, 07 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384167