https://www.taxtmi.com/caselaws?id=38302 A lease-cum-sale arrangement can create more than a bare expectancy: the allottee-lessee's enforceable right to obtain conveyance on fulfilment of conditions is property that vests in insolvency and passes to the official assignee. A purchaser who has paid part of the price before completion acquires a statutory charge for the money paid and interest, and that charge extends to the sale proceeds. Government priority for arrears of income-tax does not override a secured creditor's lien or charge, so the revenue claim could not displace the purchaser's security. en-us Fri, 17 Jun 1977 00:00:00 +0530 Mon, 05 Apr 2010 13:39:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38302 A lease-cum-sale arrangement can create more than a bare expectancy: the allottee-lessee's enforceable right to obtain conveyance on fulfilment of conditions is property that vests in insolvency and passes to the official assignee. A purchaser who has paid part of the price before completion acquires a statutory charge for the money paid and interest, and that charge extends to the sale proceeds. Government priority for arrears of income-tax does not override a secured creditor's lien or charge, so the revenue claim could not displace the purchaser's security. Case-Laws Income Tax Fri, 17 Jun 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38302