https://www.taxtmi.com/caselaws?id=298533 A secured creditor's statutory priority over State VAT dues was affirmed under Section 26E of the SARFAESI Act, and the State's reliance on the VAT Act could not defeat that priority. The Court treated the inter se claim as governed by the secured creditor's first charge over the mortgaged asset, so the State's revenue charge entry and consequential mutation against the secured property could not stand. The revenue entry was therefore unsustainable and was quashed, while the State was left free to pursue other lawful recovery remedies. en-us Thu, 17 Dec 2020 00:00:00 +0530 Mon, 08 Nov 2021 21:11:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298533 A secured creditor's statutory priority over State VAT dues was affirmed under Section 26E of the SARFAESI Act, and the State's reliance on the VAT Act could not defeat that priority. The Court treated the inter se claim as governed by the secured creditor's first charge over the mortgaged asset, so the State's revenue charge entry and consequential mutation against the secured property could not stand. The revenue entry was therefore unsustainable and was quashed, while the State was left free to pursue other lawful recovery remedies. Case-Laws VAT and Sales Tax Thu, 17 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298533