Income Tax Department Can Challenge Bank Mortgages in DRT to Assert Priority of Charge Over Attached Properties.

Income Tax Department Can Challenge Bank Mortgages in DRT to Assert Priority of Charge Over Attached Properties. https://www.taxtmi.com/highlights?id=67535 Recovery proceeding - priority of charge - void transactions U/s 281 - The Income Tax Department is also free to seek its remedy before the appropriate forum including DRT to establish by leading cogent evidence that the action had been initiated which constituted “proceedings” prior in time of creation of an equitable mortgage in favour of the Bank so as to seek a declaration of the mortgage being void or the attachment being prior in time so as to seek a priority of charge. - HC en-us Fri, 06 Jan 2023 17:23:28 +0530 Fri, 06 Jan 2023 17:23:28 +0530 TaxTMI RSS Generator Income Tax Department Can Challenge Bank Mortgages in DRT to Assert Priority of Charge Over Attached Properties. https://www.taxtmi.com/highlights?id=67535 Recovery proceeding - priority of charge - void transactions U/s 281 - The Income Tax Department is also free to seek its remedy before the appropriate forum including DRT to establish by leading cogent evidence that the action had been initiated which constituted “proceedings” prior in time of creation of an equitable mortgage in favour of the Bank so as to seek a declaration of the mortgage being void or the attachment being prior in time so as to seek a priority of charge. - HC Highlights Income Tax Fri, 06 Jan 2023 17:23:28 +0530 https://www.taxtmi.com/highlights?id=67535