https://www.taxtmi.com/caselaws?id=458530 A statutory VAT charge under section 48 of the Gujarat Value Added Tax Act, 2003 was analysed against a secured creditor's priority under the SARFAESI framework. The text states that, once the secured creditor complies with the registration requirements under the securitisation regime, its enforcement rights prevail over the State's first charge for tax dues. It also states that an auction purchaser of the secured asset cannot be made liable for undisclosed VAT encumbrances, and that after sale and realisation of value, the State's claim lies against the sale proceeds rather than the transferred property. Revenue mutation entries based on the VAT charge were treated as unsustainable. en-us Fri, 26 Jul 2024 00:00:00 +0530 Tue, 05 Nov 2024 13:25:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458530 A statutory VAT charge under section 48 of the Gujarat Value Added Tax Act, 2003 was analysed against a secured creditor's priority under the SARFAESI framework. The text states that, once the secured creditor complies with the registration requirements under the securitisation regime, its enforcement rights prevail over the State's first charge for tax dues. It also states that an auction purchaser of the secured asset cannot be made liable for undisclosed VAT encumbrances, and that after sale and realisation of value, the State's claim lies against the sale proceeds rather than the transferred property. Revenue mutation entries based on the VAT charge were treated as unsustainable. Case-Laws VAT / Sales Tax Fri, 26 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458530