https://www.taxtmi.com/caselaws?id=283482 A statutory first charge created under the VAT Act for recovery of tax dues prevails over a bank's claim to enforce its security interest under the SARFAESI framework. The bank had initiated proceedings under section 13(2), but the tax authorities had already pursued assessment and recovery for VAT and CST dues and registered a first charge on the mortgaged property under section 48. On these facts, the State's charge attached to the property and the bank's plea for priority was rejected. en-us Mon, 23 Jul 2012 00:00:00 +0530 Tue, 24 Sep 2019 16:58:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283482 A statutory first charge created under the VAT Act for recovery of tax dues prevails over a bank's claim to enforce its security interest under the SARFAESI framework. The bank had initiated proceedings under section 13(2), but the tax authorities had already pursued assessment and recovery for VAT and CST dues and registered a first charge on the mortgaged property under section 48. On these facts, the State's charge attached to the property and the bank's plea for priority was rejected. Case-Laws VAT and Sales Tax Mon, 23 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283482