https://www.taxtmi.com/caselaws?id=423361 Where a secured asset is sold under the SARFAESI regime, the secured creditor's statutory priority prevails over the State's tax demand unless the taxing statute expressly creates a first charge with overriding effect. Applying that principle, the Court held that section 48 of the Value Added Tax Act, 2003 did not defeat the rights of the secured creditor or the auction purchaser, and the State could not block mutation of the sale in the revenue records. The refusal to mutate the sale was therefore unsustainable, and relief was granted to the writ applicant. en-us Wed, 30 Mar 2022 00:00:00 +0530 Sun, 05 Jun 2022 20:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423361 Where a secured asset is sold under the SARFAESI regime, the secured creditor's statutory priority prevails over the State's tax demand unless the taxing statute expressly creates a first charge with overriding effect. Applying that principle, the Court held that section 48 of the Value Added Tax Act, 2003 did not defeat the rights of the secured creditor or the auction purchaser, and the State could not block mutation of the sale in the revenue records. The refusal to mutate the sale was therefore unsustainable, and relief was granted to the writ applicant. Case-Laws VAT and Sales Tax Wed, 30 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423361