https://www.taxtmi.com/caselaws?id=450429 The HC quashed a Tax Recovery Officer's order declaring a bank's equitable mortgage void under Section 281 of the Income Tax Act. The court held the order was vague and bad in law as it failed to establish crucial dates - when tax proceedings were initiated and when the mortgage was created. The order did not demonstrate that the mortgage was created after initiation of tax proceedings, which is required under Section 281 to void such transfers. The court noted that the secured creditor's valuable right of recovery was improperly interfered with without proper findings on material facts. en-us Wed, 23 Aug 2023 00:00:00 +0530 Mon, 04 Mar 2024 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450429 The HC quashed a Tax Recovery Officer's order declaring a bank's equitable mortgage void under Section 281 of the Income Tax Act. The court held the order was vague and bad in law as it failed to establish crucial dates - when tax proceedings were initiated and when the mortgage was created. The order did not demonstrate that the mortgage was created after initiation of tax proceedings, which is required under Section 281 to void such transfers. The court noted that the secured creditor's valuable right of recovery was improperly interfered with without proper findings on material facts. Case-Laws Income Tax Wed, 23 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450429