https://www.taxtmi.com/caselaws?id=299878 A prior mortgage and securitisation-based sale of secured assets prevailed over a later sales tax attachment, because the Court treated the competing claims by reference to the relevant statutory regime and the nature of the security interest. The State could not continue the attachment or claim priority for VAT dues merely on the basis of a first-charge provision where the secured creditor's interest had arisen earlier and the assets had already been dealt with under the securitisation process. The revenue attachment was therefore not allowed to displace the secured creditor's rights, and removal of the attachment followed. en-us Tue, 21 Jan 2020 00:00:00 +0530 Mon, 03 Jan 2022 08:25:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299878 A prior mortgage and securitisation-based sale of secured assets prevailed over a later sales tax attachment, because the Court treated the competing claims by reference to the relevant statutory regime and the nature of the security interest. The State could not continue the attachment or claim priority for VAT dues merely on the basis of a first-charge provision where the secured creditor's interest had arisen earlier and the assets had already been dealt with under the securitisation process. The revenue attachment was therefore not allowed to displace the secured creditor's rights, and removal of the attachment followed. Case-Laws VAT and Sales Tax Tue, 21 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299878