https://www.taxtmi.com/caselaws?id=313619 A secured creditor's prior charge over mortgaged assets prevailed over the State's claim for VAT dues because the bank had already taken SARFAESI measures and the tax liability had not been finally assessed or crystallised. Section 48 of the VAT law could not override the secured creditor's security interest in such circumstances, so the communication asserting first charge in favour of the State could not stand and was liable to be quashed. en-us Tue, 29 Jun 2021 00:00:00 +0530 Thu, 25 Apr 2024 06:30:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313619 A secured creditor's prior charge over mortgaged assets prevailed over the State's claim for VAT dues because the bank had already taken SARFAESI measures and the tax liability had not been finally assessed or crystallised. Section 48 of the VAT law could not override the secured creditor's security interest in such circumstances, so the communication asserting first charge in favour of the State could not stand and was liable to be quashed. Case-Laws VAT and Sales Tax Tue, 29 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313619