https://www.taxtmi.com/caselaws?id=752008 Bombay HC held that SBI's security interest under SARFAESI Act takes priority over State of Maharashtra's tax dues claim on auctioned properties. The court ruled that once secured assets are sold through SARFAESI enforcement, the purchaser obtains clear title free from state tax encumbrances. State authorities are entitled only to surplus proceeds after SBI's dues are satisfied. HC directed removal of mutation entries showing state's interest and ordered property registration in purchaser's name within two weeks. State retains rights to pursue tax recovery against borrower's other unencumbered assets. en-us Tue, 30 Apr 2024 00:00:00 +0530 Wed, 01 May 2024 21:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752008 Bombay HC held that SBI's security interest under SARFAESI Act takes priority over State of Maharashtra's tax dues claim on auctioned properties. The court ruled that once secured assets are sold through SARFAESI enforcement, the purchaser obtains clear title free from state tax encumbrances. State authorities are entitled only to surplus proceeds after SBI's dues are satisfied. HC directed removal of mutation entries showing state's interest and ordered property registration in purchaser's name within two weeks. State retains rights to pursue tax recovery against borrower's other unencumbered assets. Case-Laws VAT and Sales Tax Tue, 30 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752008